I have absolutely no idea what these guys look for. I have a 4.89 GPA (out of 5). I don't know if that makes a difference or if they are looking for people with ok gpa's with other great credentials. I've been on two research projects so far, which helps, but I go to a public state college, which, as far as competitive programs go, does hurt. They say they look at certain things, but you never know what they are really looking at.
This is the way I take it...If they know your competency and accept you, be thankful for the opportunity and make the most out of it. If they don't accept you, hell, its there loss. if you keep trying, someone will be bound to recognize you and u'll get your chance to make something out of it. Sure its hard to think that way after rejection, but you got to keep your pride and confidence up, 'cause that's when you make things happen.
Anyhow..good luck man. Best to you!
Brian