i know that Wharton uses the entire interview notification period to send out invites and that the GMAT is only ONE factor in the evaluation processes...blah blah blah.
But, browsing through this forum it seems like the average gmat score of those who have received invites is in the 740-750 range (pretty high considering that the median for class of 2011 is 720); I've only seen two people with scores below 730..(but in the 700's)
I wouldn't be surprised if Wharton actually wait-lists people internally during the notification period.. Think about it, if they like half of the first 50% of apps they read (in round 1) and invite all of them to interview (thats 25% of the total round 1 applicants) without seeing the quality of the other half, then review the second-half of the apps and realize that they like another 40% of the apps, which are in fact better than the initial 25% of applicants they have already invited - Now they're stuck interviewing 65% of the round 1 applicants!!
Perhaps, initially they only invite those applicants who they really, really like! Wait-list the others and take a final call in the last week. That would explain why so many applicants get invites towards the end and why they only send rejection letters on the last day!!!!!
I'm just thinking aloud. There might be flaws in my argument - your views are welcome..(and just to reiterate - Yes, i know that the Official stance is that they Don't wait-list during this period.....)