Ok, first thing:
the post above regarding the admissions process belonged to sdg, not me! Please be careful when you quote somebody and delete the HTML tags.
I personally prefer admissions with set notification dates: on this date we'll tell you who's been invited to interview, and on that date you'll hear our decision. It was rather nerve-wracking to wait and wait to hear from UT. This forum has been a lifesaver because it told me who else was in the same boat and how their admissions were progressing.
However, I cannot blame UT for having such a strung-out application period. UT is a great school, top 20, but it's not top 10. Waiting it out until after top 10 schools make their decisions allows UT to increase its yield and also get some people that may have otherwise declined.
My interviewer herself said that she applied to UT in the very end, after she had already been rejected by the top schools she had chosen. Many of us start out with unrealistic expectations and may only stick to the most selective schools in the beginning of the process. In reality, there are lots of great schools in the first tier that provide a top-notch MBA experience for less money and they are well worth considering. From past year's applicants, I really liked the story of nink, who got into a bunch of great schools, but chose to go to a lower-ranked Yale which gave him lots of $$$. And, by the way, still loves it - based on the posts.