hey, i did the georgetown smp two years ago and i still kind of wonder why they try so hard to convince everyone to apply the year of the program. true, around 60% get in that year, and that's awesome. but, i think if you are willing to wait an extra year, you'll have a better chance at a wider range of schools.
there are a handful of schools (and that number is growing) that know gu smp very well, and they know to wait until fall grades are out. however, for a lot of schools, it's pretty late in the season by the time they can see any of your progress. i have a good feeling that hurt me a lot in my case.
the year of the program, i was interviewed at 3 schools (including georgetown) and didn't get in. then, the year after, i received 9 interviews, 6 of which i attended, and ended up with 5 acceptances. i maintained pretty much the same gpa throughout the program. so, i don't believe it was my later grades that pushed me over the edge second time around. i believe it was the fact that i was able to apply and interview much earlier the year after.
in any case, for many, applying the year of the program may be a good idea. but, just don't feel pressured into applying that year if you're not ready or are willing to wait an extra year. for me, it worked out too well - had a great choice of schools, got a good job, made some money, relaxed for a year, etc. anyway, best of luck to you guys currently in the program or currently considering it. it'll make first year a breeze! (well, maybe not a breeze, but easier than normal. haha)