I'm pretty sure VCU works as follows
There are two waitlists: one in-state, one out-of-state
instate waitlist moves slower than out of state
both are ranked
Following interview, everyone is ranked and placed in their respective pools. Right around the decision times (dec, feb, mar), top couple people from each list are pulled for acceptances from each list.
During each period dec-feb, feb-mar, the number of interviewees accumulate on the lists. No one is rejected until post march i think. After March, I depending on where you are ranked and which list you're on, there will be varying movement.
I think that's the way it works. I'm currently waiting for March as well after missing February so I might not have it down pat.
Anyways good luck to all. Cya in March.