This is a very interesting thread and I was curious about some earlier posts regarding people who are clear admits to HSW because of their "wow" factor. I'd like to dispel those ideas, as I'm one of those from an ivy league undergrad, working for one of the top ibanks, with olympic experience, having "saved Africa" for the past 10 years, with leadership experience up the wazoo, but my chances according to consultants aren't very good.
Why? Because I took an additional two years during college for my athletics, which set me back two years when I joined my bank, so even though I only have 3Yrs of work experience I am 27, an old man. My GPA and GMAT are not ridiculously high, but they are within the 25-75 percentile range for HSW. Those factors combined make me a mediocre candidate. So I've got the "wow" factor to the nth degree, but my chances are just as bad as anyone's whose profile deviates from certain limits that matter to schools, like age.
I dated someone who went to HBS last year who was quite ordinary: ivy undergrad with average GPA and GMAT, boutique MC firm, highly exaggerated community service leadership, plain Jane. But not one card was too far afield with what HBS was looking for, so she was accepted.
In essence, I think that any "wow" factor is worthless if you do not fit within the limits for ALL factors that these schools consider important. If any factor is beyond the limit, it's a reason to ding you. Those that get in have all of their ducks lined up and have no reason to get dinged.
My view is that in the end it comes down to adcoms looking for reasons to ding candidates, not reasons to accept candidates.