Dang, this is one old thread! The staircase analogy still holds but, frankly, we are still interviewing people on the top stair or just one down from the top at the end of the interview cycle. I saw no decline in quality at the end compared with the beginning. Some schools hold all offers until the end, others will figure that they can make offers to those so high on the staircase after the interview that they are going to be at the top at the end of the season so they might as well hear now, while they might have some enthusiasm for our school than four or five months from now when they are holding five other offers. Other schools may figure that if they are going to admit 30% of those who will be interviewed they'll start by making offers to the top 20% of the first interview group, 20% of the second group and so forth and then have additional offers to make at the end once they can compare the groups against each other.