lagomez is right, as usual. One of the best things you can do to prepare for a Consortium application is to review this thread, CAREFULLY. My suggestion for new applicants (1-2 years out) is to think carefully about your "rankings." Be realistic about your chances of acceptance by a specific school. Ignore business school rankings for the most part (I know -- it's tough to do so). As a general rule, if you can get into a school like "Dartmouth Tuck" via a regular application, then of course go ahead and list it at the top of your Consortium rankings if that's where you truly want to go (that's just an example). If you objectively review your own profile (in comparison) to the school's profile of entering students, and you are well below-average, then I suggest you select a school more in-line with your personal stats. Note: ALL of the Consortium schools are great schools. There are some really good under-the-radar schools like Simon, Olin, Jones, etc. They didn't get much attention on this forum. In my humble opinion, everyone who received a fellowship this year knows he/she was fortunate (probably @ 70%)... The other 30% probably "could" have received fellowships, but did not for a variety of reasons -- mostly because of their rankings. There are certain schools who will not even consider you if you don't place them #1 or #2, and there are others in which it really doesn't matter at all. You have to figure out who they are and be very objective/realistic during your evaluation of the rankings. Select a school you really want to go to (or could see yourself at) because of fit, culture, location, specialization, career center, etc.
Bottom line is if your main objective is a "fellowship," then you should pursue a very specific strategy for targeting that one or two schools. If you seek "straight membership" and want to affiliate with the Consortium and "reach" for another school, that's a separate strategy. And if you just want to use the Consortium process as a means for "spraying" a common application and hoping for the best, then that's a completely different approach... I don't have any access to hard numbers, but if we have @ 330 members (class of 2013), and approx 70% receive fellowships (based on previous 1-3 yrs), then thats about 230 fellowships. Divided by the schools -- I am guessing around 13-15 per school. Some provide +/-
Above everyting else, make sure you understand the mission of the Consortium and be prepared to explain how you have supported [and will support] the mission. If you are just using the process to save money that will be pretty obvious to everyone, and will not serve you, your classmates or the schools well at all.
Hopefully next year there will be some real strong forum leaders (like lagomez and a handful of others) who have lots of insights, opinions and one heck of a sense of humor who keeps it all real, fun and interesting. Good luck.