It seems like a high percentage intially but when you consider statistics for the other NY schools that's actually one of the lower out of state post interview acceptance rates. In fact, a 40% out of state post interview acceptance rate is right in the range when compared to other schools such as Hopkins (36%), UCSF (overall post -interview acceptance rate of also 40%) and lower than schools like UMichigan (62%) and Emory (43%). So as you can see, once an applicant gets to the interview stage their chances for admission really go up!
Also, not to dampen things, but those stats which I got from the premium edition of the 2005 USNEWS rankings are a bit outdated since they were based on Fall 2003 (class of 2007) admission statistics. For instance, they have a total of 2441 applicants for Upstate but we were given a class of 2008 profile sheet and it listed a total of 2896 applicants.
Upstate's current out of state post-interview acceptance rate should actually be less than 40%.