I don't think adding a few more medical schools will decline the respect of the profession. In fact, more are being added almost every year, which is especially great for our PCP and geriatrician shortage. Considering the Affordable Care Act and a growing elderly population that will be higher than ever before, we need more of these physicians. I did not mean that we should add 50 more schools (because if this were to happen I understand where you are coming from), I just wanted to comment on how whenever a new school is added, it alleviates the number of applicants at some schools (assuming people do not increase the number of schools they apply to). For example, NYMC has nearly 15,000 applicants. I guarantee you that there are many rejected applicants that would have been amazing physicians and additionally would have thrived at NYMC. Then again, maybe more people would apply if there were a few more schools.
Anyways, for the most part, the application process works, but I wish it were shorter than a year because this adds stress (some people are accepted as late as May/June) and it would help if there weren't as many schools with 10,000+ applicants.
P.S. I apologize for being circuitous in this comment; I am just as frustrated as everyone else but am hoping for the best for all of us!