OK, I have a very rudimentary understanding. So, anyone, please correct me if I am wrong. Thing is going to be very wordy, so stick with me.
During the interview process you are given an A (acceptance), D (deferred), or a R (rejection) from each of your interviewers, for three letters total. Next, your interviewers meet at a table with around 8-10ish other board members and they present your application. Your interviewers try to influence the table in their decision to give you another A, D, or R (#4). Finally, your table presents your application to the entire room of board members and the room votes to give you another A, D, or R (#5). You could end up with any combination of letters. NOW.....
1. If you are among the first 130-140 interviewees (October, November, December, and the first part of Janurary) you only need 3 A's to get accepted. It doesn't matter what the other two letters are. In other words, if you get three A's from your interviewers and you are automatically accepted. However, if one of your interviewers gives you a D or R, then you could get the other A from the table or the board. This usually happens. That is why early interviews have nearly 100% acceptance rate.
2. Everyone left to interview after the initial 130-140 spots are grouped together and all decisions are deferred until after all the interviews are complete. Competition is more fierce, as 150+ people are competing for 20-30 spots. I am assuming that this happened to all of us.
3. All of the applicants are ranked according to the number of A's they received. The applicants with the same number of A's (0-5) are then ranked according to their statistics, with 5 A's being at the top of the list. The ones at the top were given the next round of acceptances, while all of us received waitlists. I don't know how they decided the cutoff and began giving rejections. I am assuming that all of us had to receive at least 1 A to stay on the list.
The interview allows those of us with less than stellar stats to catch up to everyone else. Someone with a really good interview, who got 5 A's, but had a really low MCAT, GPA, or both, would get in before someone who got <5 A's, but had higher stats.
Now, I only found out that I had 3 A's from my interview because I was sitting next to the doctor during the evaluation. I caught a sneak peek while he was flipping through my packet.
My hope is that if I got 3 A's from my interview that at least one or two more A's would follow. Maybe they did or maybe they didn't. That is the source of my frustration. In addition, 50/75 people left on the list could have also received 5 A's and it would still be hard to get in. Nobody knows!!!! I wish that they would at least tell us what 1/3 we were in. If I was on the bottom, I would be more aggressive in starting the 2013 application cycle.