Many congratulations mate this is fantastic news. This is exactly what happened to me last year (after a year on the waitlist). I had ALSO left my job. I ended up picking up another role for 7 months then travelled to Asia, met up with as many admits as I could before school started. This way, I made many great friends even before school started. The class of 2011 has been phenomenal in terms of the quality of the people - I am witnessing this everyday in class. I have no doubt that 2012 will be just as great, if not better.
Think of this as a unique opportunity to do things that most mba admits don't get to do. If you are a career switcher try to get a pre-mba internship. Otherwise you can find something temporary to save up for fees. Or, you can move to London early and start networking here. The one year can be an incredibly useful tool. I can understand your frustration in terms of the "timing" of bschool. However, in my opinion, starting a year later is actually a good thing in the current economy. LBS is a far stronger brand than IE and, while the wait is frustrating, it is well worth it in the end.
On the other hand, you might have other priorities (no one is getting any younger). So you need to weigh it up. But it might be a good idea to come down to London and check out the school etc. before making a decision. Contact me if you are here and I'll show you around.
ps. I think you posted earlier here :
advice-needed-for-international-school-selection-79325.html and I did predict this might happen about LBS