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Steel
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dabots
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the "first admit" syndrome definitely has its power. I was very fond of Anderson when I got their admit first, even if it was slightly lower on my choices.

But with that said, i think the bigger issue is the deposit deadline dates. A lot of applicants who need to submit a deposit before they get a chance go to to the admit weekend of another school just give up the other school. I know that many students went to DAK II and will matriculate there because Days at Haas 2 is ONE day after the April 30th deposit deadline. They liked Kellogg enough that they didn't want to "complicate their decisions" more with going to DAH. I personally would never do that, but many people out there would based on what I've seen.
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I think more than the first admit, its also about how far apart your admits are spread. Say, you get into 2 comparable schools in the same round, it will be a tougher choice than say when you get into 1 school in R1 and the other in R2. Obviously, the earlier you get in, the more opportunities for you to acculturate to that specific school through local happy hours, admitted student receptions, admit weekends etc.