Thanks duffman26 and vintron.
I agree -- I think LBS waitlist is poorly managed. What I did appreciate about INSEAD is that waitlisted candidates were still treated similarly as admitted candidates in that we were encouraged to still apply for the scholarships while waiting. Someone else wrote a very succinct analysis of the INSEAD waitlist process. It looks like often people were put on waitlist because they are waiting to see if a similar profile pops up in R2 (as you guys surely know, INSEAD has over 80 nationalities and put a 10% cap on each country), then they make the decision accordingly -- this results in many R1 waitlist candidates being admitted with R2. I really appreciated the communication process with INSEAD and the level of respect I got before and after waitlist.
Good luck to fellow LBS waitlisters who are still waiting. Are you guys contemplating other schools? Or is LBS THE one for you?