I am an Indian - applied and admitted in R2. I dont monitor this regularly but realized that I might be of some help here. Very valid points here on the forum. Though being waitlisted isnt the best thing, it cerainly isnt the worst. As few are saying, many admits for indian applicants might come in R2/R3 (reasons below). I guess the best thing waitlisted candidates can do (which is within their influence) is to be active on WL and leave the rest to admissions committee.
reasons
1. looking at ning, seems for 2yr mba, there are about 4-5 indians. assuming considering only 60% joined ning, that means approx 7 admits. assuming a typical population of 8-9 indians and a yield of 70%, I guess we are talking about 5-6 more admits in next couple of rounds
2. Johnson, unlike other schools, advise international students to apply in R3 and 4.
these are just my suggestions. Also, I would assume that adcom knows what they are doing and hope for the best. Best of luck to all who are waiting or applying in R3/R4.