3rd year rocks, I'm here to say. I've been reading over this thread, and there's been some good discussion going on. I've probably met some of you who are applying in the admissions office-- maybe even interviewed a few of you.
A few things from above... In the past we've called people to tell them they were accepted. However, that process takes time. The decision has not yet been made this year regarding whether those accepted will be called personally by admissions reps or if letters will be it. Regardless of the method, and this is answered above, interviews will not conclude until March 2nd. Final decisions will be made within the next week or so, and then acceptance decisions will go out.
Regarding the wait list, some really stellar people come in off of that list each year, and a couple of years ago, people were accepted off the wait list in late July (days before classes started). It took some quick, last-minute rearrangements, but everything has worked out well in those situations, and we're more than willing to help you find housing and take care of other concerns if you're in this situation. Bottom line is that the wait list varies from year-to-year, so it depends on how many of the initial acceptances are taken. It's hard to predict how deep we'll go into the wait list.
Competition is totally individual meaning that you can choose whether you want your experience here to be a competitive one or more chill. I personally opted for the latter, and my class is also of that opinion. The H/P/F for the first year is great, and after that, you're graded with the addition of a "high pass" between the H and the P for second and fourth years. In theory, everyone can make honors in all these classes and rotations. It just depends on how much of an effort you want to put forth.
Study time is also more individual. You're about to be thrust into a totally new environment with SO many ways to learn the material. Part of the battle for the first block was finding out which methods worked best. I'll tell you that I tried hanging onto things from undergrad, but they were soon grossly inefficient for the amount of material we covered. Study time can be confusing until you find your pace and your method, but after that, you should be able to maximize your efforts in the books and then have plenty of time left for play (intramurals, beach trips, ski trips, camping, plays, concerts, etc.). Just don't get stuck in the rut of trying to exhaustively cover everything. AND BE SURE TO SET SOME TIME ASIDE FOR YOURSELF EVERY DAY. First year is cake compared to the hours you'll put in second year, so don't burn out.
Finally, living in Durham doesn't require a car, but a car can make life much easier. One person in my class does not have a car-- she's from NYC and has never had a car. I actually used to pick her up some mornings on the way to class when it was raining or cold, but she only lived a few hundred yards from the edge of campus. And Duke busses used to run beside our complex, too. A lot of the 3rd years use the bus system to get around if they're taking classes at UNC for one of the dual degree programs, and they seem to like that. Another option is to call yourself a "bicycle commuter." If you live close and can do that, you get 20 or so "day passes" that let you park in decks. It works well for tests, rain, and cold.
Must go now... the weather's beautiful and I'm headed out for a bike ride...