Here's how it was explained to me:
Following the interview, they meet. The file reviewer and your interviewer present your application (Both strong and weak points). Your app is then discussed and questions are raised about specific classes, successes, failures..etc. Then the whole committee votes. They give you a score between 0-5 in half point increments. The highest and lowest score are thrown out and the rest are averaged. This score doesn't change. You are then either accepted immediately, placed on hold (I think this happens to most people, I was placed on hold and then accepted 1 day later), or turned down.
Then when they decide to bring in say 30 students, they take the top 20 in-state and he top 10-out of staters. (I'm just making up #s for the in to out of state ratio, I don't know what it actually is).
Good luck to everybody who's waiting.