The trend for applicants to medical school has been done for the last few years (1999-current). All years seem to be hovering around 10% lower.
More people have been entering other vocations. Remember, the last few years with the dot com explosion - alot of peeps went into business. That is Time/CNN's survey (one of them).
Personally, I am happy the numbers are down. Not because it increases my likelihood of acceptance - I feel confident about my application under any circumstances. Rather, to me, it says the peeps that are truly interested in medicine, rather than $$, are applying.
-A