I voted for the latter. I guess you guys are right that once you are accepted you are accepted, but I just wouldn't feel the same about it. For example, some of the schools wrote in their waitlist letter that they really wanted to accept me, but there just weren't enough spots for everyone. But really that is a load of poop, because they continued to accept other people who came along much later than me. No matter how you phrase it, they really don't want me unless they have exhausted all other options (higher on their list, of course).
Anyway, if my top choice school took me off of the waitlist, I'm not saying I would turn it down. But I certainly would feel differently than I do about my 1 unconditional acceptance, where they let me in immediately after the interview and wrote in the letter something to the effect that their committment to me extends beyond just medical school and includes possible residency and faculty-ness and whatnot. I was really surprised by that and it def. made me feel like I was wanted there. Now is there a real difference between that acceptance and a waitlist one? No. But the question is how would you feel and I would not feel as good about the waitlist spot.