Let me modify my words slightly. I think you can reach a point where you just dont want to wait anymore. Whether you are on a waitlist and give up hope, or are just sick of the process, love where you got in and want to move on. Many of us have been wrapped up in this process for months and months, from taking the GMAT, getting recs, writing essays, visiting schools, interviewing. If you dont have hope for a scholarship and everything else is equal between two schools, I can easily see just deciding to put the wait to rest and make a decision yourself before waiting to see.
In reality you can't go wrong between some schools we are applying to. If you got into a top 5 school and are waiting on a peer school, then the wait and stress might not be worth it for you.