For those on the high waitlist for 2012, should the financial aid be filled out? Are you looking for housing? Seems like it would be pretty disasterous to get pulled off the waitlist the day before classes start and not have anything prepared. What do you think?
Fill out financial aid. Worst case scenario, you don't take classes and you don't get it... but much better than owing MSU thousands of dollars and not having it.
Housing could be more complicated. If you sign a lease and aren't in 2012, you would have to break the lease (costs hundreds of dollars) and you would be responsible for the rent until they find a new tenant. There will always be apartments at MSU... they may not be great, and they may not be close to the school, but you'll always find something in Okemos/Lansing/East Lansing.
Good luck!