I'm sort of thinking like terp here. I know I'm competitive at my top 4 schools and then cornell is "safer". I will admit that I realized I was taking a risk by adding Chicago rather than a Duke/Ross type of school. I do get a bit nervous when I look at my list and cornell is the only "safer" school. But, at the end of the day I would be ecstatic to get into any school on my list, including cornell (had a great time on my visit), and that's what I'm looking for. There were no other schools in the 10-15 range that I wouldn't be a little dissapointed to end up at. I've seen too many BW posts of guys that got into their safety and are considering reapplying next year. If I would not be excited to go to a school, I wouldn't apply. As my list stands right now, I would love to go to anyone of the 5 schools.
However, river, I will try to think of a school or two that I could apply to in round 2 if interview invites and Columbia ED go badly. I think that makes sense. I actually hope to get all these apps in during R1 as I'm already well into the application process. For Columbia I've done my resume, and I've done drafts of all the essays - I'm doing the JTerm essays which should be the same as ED this year according to an admissions officer I talked to during my visit. I've also visited 3 of the 5 schools already. And if the Cornell and Yale apps are the same as last year they'll be really easy (at least compared to the UEs). So, I think its very realistic for me to get all these apps in round 1. If that's the case it should be easy to add a couple schools for R2 if I get the sense that things aren't going well with my top 5.
kwam
It's a very strong list, with 4 Ultra-Elites in terms of selectivity and one Elite (Tuck is Ultra-elitist and as Yale has a small class and the University brand, it's hard to get into). Cornell has an amazing program, I just haven't applied there because of location, my wife would kill me.
Regarding CBS, def go for ED if it is your 1st option. And make as many 1st rounds as you can. Finally visit schools if possible, go to Info sessions, sign newsletter, and ask people here about school's particularities, etc.
Good Luck!
Thanks for the tips kwam. I will be doing Columbia ED and I'm shooting for R1 for all schools (see above comments to river). I've done 3 visits and as soon as info sessions get started I plan to go to all of them. I've also talked to students and alumni at most schools. One place I need to dig a bit deeper on is Chicago since I just added it to my list but I know there are a ton of resources for that on this board (including you)! Chicago is very well represented on GMATClub.