Alright, so after a ton of searching through the 2015-2016 thread, it seems that they do not make a waitlist until May/June. As far as those of us who will interview in January or February, there are definitely still spots available in the class as several people who interviewed then were accepted pretty soon after interviewing.
Apparently the committee meets the 15th of every month and reviews the recently interviewed applicants. They accept those that they want and it seems that everyone not accepted goes into a holding pattern until they make a decision later on the cycle.
Some people I saw on the the thread interviewed in September and did not get a decision until June.
So pretty much we just need to focus on having the best interview that we can as it can be pretty variable when they give a decision.