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I'm a threepeat, and the first year I got feedback that said, (it's always an e-mail), "We actually don't have anything to suggest to you - there was nothing that stood out on your app that would necessarily disqualify you. Keep in mind this does not factor in things like your recommendations or interview." I took this to mean - you were close, but not sterling enough. Maybe your recommenders weren't quite glowing. Maybe you bombed your interview. You'll know it when you look back.
The second time around I got very specific feedback on needing to beef up my quant background and needing a deeper level of responsibility in my WE. This was largely a result of me having reapplied less than 6 months after I got rejected the first time around. Didn't do enough to demonstrate growth.
This time around, I waited a year, got a new job, took 2 classes, more ECs, and wrote my entire reapplicant essay about taking their feedback to heart.
Wow! Congratulations, it sounds like you earned it.
This is my second time through the application process, and like you, I'm actually kind of glad I didn't get admitted the first time around. I simply wasn't ready for it. Four accounting courses, an internship, and a year's worth of thought later, I have a much better grip on what I want to get out of it (and how the process works).