Just saw this thread and wanted to try and help. I am a first year at Wake and can give you my experience with applying here. I interviewed in October, was waitlisted the first week of November and was accepted in late May.
After I was waitlisted, I was bummed out but still optimistic about the "you will be continually reviewed at every meeting." Don't count on this. Many many people in my class were accepted off the waitlist (I'd be willing to guess >50%), but of all the people I talked to, most were accepted after the interview season (May and later). I think there is some waitlist movement before then, but its pretty rare.
If you are waitlisted, dont take it personally or think you had a bad interview...Wake seems to waitlist a ton of people....think of it more as a 'hold.' Many of my classmates who were very competitive and accepted to other good schools were accepted off the waitlist here...its just the way they do it here for some reason. They are being honest when they say there is a lot of waitlist movement. I am pretty sure they never give out more acceptances than seats available in the class.
After I got waitlisted, I wrote 3 letters of interest/intent I think. I would assume they helped, but cannot say that for sure. My feeling with Wake is that if you really want to go there, you should be able to get off the waitlist. Because they interview such a small % of applicants, you know you are in really good shape if you get invited to interview. After that they just want to know you really want to go there, so show your interest. A lot of people drop off the waitlist bc they dont want to wait any longer, so your chances of being accepted after interviewing are really >50% in my mind.
I think the applicant pool is so competitive now, that they just want to give everybody an equal chance, so they end up waitlisting a ton of people and making decisions later on.
Also, there is a wide range of people in our class. Some people did not do great on their MCAT, many seemed to do very well. Again, if you interviewed, you are in great shape.
Hope this helps. I dont really use this website anymore, but if you have any other questions, I will try and check this at some point.