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Technically everyone is placed on a "waitlist" after they interview. Every time the school sends out acceptances, they refer to that list and pull some lucky folks off that list.
I'm not sure if they would re-review everyone (long and tedious process), but would probably look over the more competitive applications.
I think it's common knowledge now, through these forums that USC puts everyone on an alternate list and just takes the top X amount of people that they have seats for. At this point, if there are 36 seats, they will send out 36 acceptances to the top 36 people on the list and wait 2 weeks for a response. If none of them respond then another 36 acceptances will go out. This is just a guess, but I really don't think they have an admission comittee go over folders and select who to allow in. This would defeat the purpose of establishing the rank you have on their so-called alternate list everyone is on.
For those still waiting, I would say the people interviewed in 2009 have a good chance of being accepted especially after the 2nd deposit is due when a big number of seats will open up. I know 2 friends that have deposists in at USC but will be attending another school. GL all.