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Well, they mentioned none of this too me when I stopped by and asked about it a little over a week ago. I don't understand why they don't just call this what it is, a waitlist...
I thought that too, but a waitlist usually requires those who are accepted to decline, so this is more of just a rolling admission process, where they want to see how we stack up against subsequent interviewees. I mean, it's disappointing, but we're still in contention to get an acceptance within the next 1.5 months or so (whatever they define as "several weeks," littlefaster's info is looking pretty accurate).
Keep your head up.