Now that the Dems taking over the house, they are going to change the dental field so that it is like medicine...then you'll have less people applying again.
I dunno... the ADA kicks ass compared to the AMA. In metaphoric speak, the gov't is like a prowler, the ama is like a Chihuahua, and the ada is a pack of Rottweilers. The ADA will fight hard to prevent government regulation/meddling.
I also think that if you took the current population of med/dental applicants and time warped them back to the 1970's, a lot of the current dental applicants would be applying to med schools instead. I mean, lets be honest here... dentistry is like the perfect healthcare profession. Its conducive to family life, pays well, and doesn't require 2 a.m. trips to the hospital every night. Furthermore, dentists don't have medicare/HMO executives/legislative bodies (grrr I hate you kaiser) dictating EVERY breath they take. I think that inteligent people recognize this and say to themselves: yep, dentistry is the place to be.
Side blurb on how mean Kaiser is:
http://www.boston.com/news/nation/articles/2006/08/10/hmo_fined_over_kidney_transplant_program/
so kaiser's "error" (note lack of capitalization) saved them $30,000,000 in transplant costs.... hmmm, lets see... if we let all these people die, we'll get fined about $2,000,000. But if we try to help them, we'll lose $30,000,000... hmmm.... i really do need that diamond studded toilet I saw in the Tiffany's catalogue... yeah, lets let them die and save $28,000,000 so i can get a bonus and buy a diamond encrusted toilet....
So yeah... I think that a lot of pre health people have been turned off by all the trouble in medicine and have thus been redirected to other fields.
However, you have to consider that there has been a ridiculous increase in med school applications as well (according to my premed friends) so maybe there is some other force at work... i mean, the population did just hit three hundred million...