I was at the same event -- The adcom member who said apps were up was Beth Flye, Kellogg’s Assistant Dean and Director of Admissions and Financial Aid. Very nice person.
I met one individual who like Luna, got into both. I could not tell where this person was leaning.
There were a ton of alums so I recommend all the admits attend the Meet & Greet in your city. The only negative in Chicago is that there were quite a few alums from non-full time programs (Part Time, EMBA, two week management Kellogg boot camps, etc.). It was pretty awkward asking an alum 'Where did you go for KWEST?' and hearing 'Uh, i was part of the two-week management seminar.' ...At the end of the evening, Kellogg AdCom received numerous suggestions to include the program each alum graduated from on the nametag. So hopefully this issue will be eliminated in the future.
As Luna said, recruiting has not been affected. But I think the real test will be in the Fall for full time hires in the Class of 09.
Overall, I loved the Meet & Greet. It got me pumped about Kellogg and I met some truly exceptional people.
ApolloLuna
Just an FYI...
I went to an admitted students reception for Kellogg and an adcom member there (can't remember exactly who) said that applications are WAY up. She wouldn't saw by how much though when asked. She also said that she's "never seen such an impressive group" before....then again, she could have been saying that to butter us up....but there you have it. She also touched on the recruiting season - said that recruiting is still is full force despite the recession worries. Maybe Kellogg has had limited exposure because of the kinds of firms that recruit there, but I have a sneaking suspicion that banks/any kind of financial firm are recruiting less there than they were before.