Hey minimouse (and other non-recommended ETAs who still want to teach abroad in a reputable program!), take a look at EPIK (English Program in Korea -- it's government-funded! epik.go.kr). I taught through EPIK in Seoul for a year -- when I applied, the deadline was in February or March. There might still be time to put in an application. You get some decent teacher training, a choice of elementary/middle/high school (not a guaranteed placement regarding preference but they really do try!), nice accommodation, health insurance, soc. security benefits (that means free extra $$!!), flight reimbursement, most Fulbright "perks." It doesn't have the Fulbright label, but it's still a good gig. And, even better, it's a lot less mentally/emotionally draining! Because let's face it, Fulbright is mentally and emotionally draining.
To those not recommended: This is my third time applying for a study/research grant, and it's my second time not being recommended. Last year (my second time) I applied for a UK partnership award and was recommended -- bear in mind that the UK partnership awards are (statistically speaking) much more competitive than the program I applied for this go round. Even with a more robust application this year I got the dreaded "I regret to inform you..." email.
I've learned through three rejections that Fulbright is a fickle and mysterious entity, and that it's not worth it to pick apart your application to figure out what went wrong. It could be that nothing went wrong at all; maybe it "just wasn't your year." It's often not just qualifications and a solid project that lead to success but luck. So, Erock, tell your ego to stop hurting! Some people -- on this forum and in the real world -- urge people to reapply. As someone who's applied three times, I see reapplying simply as a good exercise in putting together a series of concise writing samples and constructing a feasible, exciting, unique project that may or may not be useful in the future. In the end, though, reapplying certainly doesn't guarantee success -- at least, not in this particular highly-competitive realm. Also, consider the emotional toll this process takes. Seriously. It's, like, at least six months of meticulous work, 27-ish essay drafts (okay, maybe just 9?), and some agony thrown in. So not only does reapplying not guarantee success, it's kind of a painful process.
tl;dr: There are other options for international experiences after university ends that, even though they don't have the Fulbright label, are still awesome, eye-opening, and promote cultural exchange (you can even use Fulbright lingo to describe them!). Fulbright is emotionally draining. Reapplying is great in theory but might not be worth your time unless you like putting together projects that are unlikely to happen in real life.
But good on us for trying, right?!
Congrats to those who were recommended!