Maybe I can help clear everything up for some of yall. This past Friday (4/14) I attended an on campus info session. Spoke with a lot of students (even ran into one other waitlisted candidate - we had fun bonding over our shared misery) but not any that had gotten off of McCombs's waitlist.
However, I did have a chance to speak to one of the senior admissions officers. She basically informed me that they essentially fill spots on a rolling basis as they open up. Therefore, some
should be admitted off the waitlist after the R2 deposit deadline (although the stats on Livewire from 2016 really only show 1 or 2 reported acceptances off the waitlist), then likely a few more after R3 decisions/deposits, and the remainder should open up by individuals who have put down a deposit but were accepted off
another waitlist elsewhere. She also mentioned that we all should have a pretty good idea of where we stand by early/mid-June (she did mention that the latest they accepted anyone was late-July last year, but this guy had made it clear that if he got the call any time before orientation he'd be on the first plane to Austin).
So, the TL;DR of all this really boils down to - expect to hear back (good) news in late May/early June. UT's yield numbers are (historically) pretty poor, so don't get discouraged with your waitlisted status. While I was in Austin, I managed to drum up a few letters of support as well. I really think about this whole process like being a walk on with the football team: a lot of getting in will come down to how bad you want it and how hard you're willing to hustle to get in the door. My 2 cents.