I just finished this book back in December, and I agree that its a very quick read.
Malcolm Gladwell makes an attempt to understand why certain media moguls, legendary musicians, and tech enterpreneurs end up successful. In that respect, its a good read that talks about things that most people would consider common sense. Things like:
1. Practice, practice, practice - something like it requires 10,000 hours of practice to be successful in your field
2. Effects of Language Differences - I don't remember the exact reason, but something like "asian languages have a more formal numbering system (compared to English), so that's why they are typically better in Math"
3. Luck - Everybody discussed in the book had luck to reach the success they achieved.
Overall, I liked the book, but didn't really walk away with any huge "aha" moments. I think that Gladwell tends to over-simplify things, and I'd like to read more about how he came to his conclusions.
So if you want to apply it to your applications:
keep writing and honing those drafts and realize that each and every one of us will require some form of luck to get the acceptance phone call.