THIS^^^^. I've been watching this ever since the 2019 cycle, the first without the MAR. That year, everyone thought there would be massive WL movement, because schools were so cautious with initial As, since they didn't know what would happen without the MAR.
Like Linus waiting in the pumpkin patch, the movement never came. In hindsight, it was obvious math. Fewer initial As led to fewer people having fewer multiple As, which led to fewer people dropping fewer As, which led to less WL movement.
WL movement is far from non-existent, but it's not what it was pre-2019, and probably never will be again. It's really not the end of the world. There are more seats available than ever, and every seat still gets filled. It's just that now, more of them are being filled with initial As.
There is also less moving around than there used to be, which means fewer people are getting their first choice, or even a preferred choice, than in the past. But, that's basically it.
The people left standing when the music stops very likely would have been in the exact same position before. The big losers now are people who would have had 5+ As in the past now "only" having 2 or 3, leading to them having fewer choices, and there also being less opportunities for people to trade up.
couldn’t want this more! 
