BlueRobin
I have seen a couple of admits, dings as so on and i found that most of them dont even mention Yale SOM in their list of applied schools.
Much of it is a function of the class size. YSOM is roughly a third the size of the other top 10 programs (incoming class size about 230), with a proportionally smaller applicant base as well.
YSOM is known as a school strong in non-profit because historically that's what it used to be - a school that only offered a degree in public policy; the MBA itself is relatively new at SOM. Additionally, typically at other top programs, only a very small percentage of people pursue degrees in the nonprofit sector (maybe 2-3 %?). At SOM, this number is close to 10%. This doesn't mean that the school itself is only good for nonprofit type careers. There are alumni doing things in just about any field, including the ever popular consulting and investment banking.
Also, regarding SOM as a safety school: its acceptance rate and average stats up through last year are pretty competitive, and I think this year's class is just as strong if not stronger. Furthermore, looking at last year's Consortium thread, very few people who applied actually got in. Extrapolating from this, the notion of "throwing in an app because it's Yale" seems to be popular, but in actuality it appears that the adcom is getting better at picking out people who actually want to get in vs. those who could go either way.
One final thought - I was at a conference this weekend with many of the top banks (JP Morgan, BoA, Credit Suisse, Goldman Sachs etc.) and consulting firms (BCG, Deloitte, etc.) present. Pretty much every recruiter I talked to had good things to say about Yale and the career prospects coming out of the school; they talked vividly about several alumni who had recently started with full time offers, as well as interns who are putting in the hours this summer. With such a small class size, it's pretty easy to stand out, and the overall image that was painted was a very positive one.
This image was in pretty stark contrast to the views posted by many on this thread. Now, I'm not saying one view is 100% right or wrong, but I'd generally lend more credibility to those people in positions of influence in the field (managing directors, campus recruiters, etc.).