I've talked about it a few times in this forum, but basically it's not the end of the world. That status is usually related to a gpa or MCAT issue, so if that happens to also be true in your case, just keep the school primarily posted with new grades and scores, but also feel free to keep them informed about research, publications, etc. The more proactive you are, the better your chances. At least one of the current MS1s who sometimes frequents the forums had that status at some point last cycle too, and it definitely worked out for them.
Is it strictly a GPA or MCAT issue? I interviewed already at CCOM (will find out this thursday hopefully... fingers crossed), but was placed on hold here, although I did submit my AZCOM application a little bit later. My GPA is 3.76 non science and about 3.6 science. 27 MCAT.. not that great but is it hold worthy?