Wanderlustman - we are like twins, it's a bit scary

Are you W'03?
So I encourage to not reapply for 3 reasons:
1) You are 28 already - Stan and HBS hate older applicants
2) 2010 was a sucky year, but next year will be even worse. HBS at 10%, Stan at 5% (I'd say)
3) What can you really add at this point? Like me, you stats and w/e are great. Age + luck screwed us over
I encourage you to go to Wharton for 2 reasons
1) It's been proven (see my old post) that they do as well as HBS (but not Stan) in VC/PE
2) Wharton will be as hard to get in next year as Harvard was this year, percentage-wise
I would say reapply only in the following case: if, besides Stan and HBS, you would prefer some other MBA program over Wharton (whatever it is)
Other option is to not go at all (which, given where you are career-wise, may actually make sense) and do an Exec MBA in 3-4 years.
Just my $0.02