Thanks Vcom!
Well, with a class of 250, I would imagine that a ridiculously small number of people get in off the waitlist, so it's a combination of a numbers game and what one can do to strengthen the application.
While I agree that being waitlisted makes not being accepted a little less painful, clearly they see promise in us and could have just flat out denied us if they felt like doing so. So don't lose hope everyone, or assume that this is just a "nice" way of being denied! Best of luck to everyone!!!