I'm on the Wait list at two places and both told me I won't hear back until the adcom meets again in mid-April. Funny thing: I only applied to these two programs because I felt they were the best of the best. I'd rather wait and reapply as opposed to settle for a school that doesn't really fit for me. The way I look at it, I'll have another years work experience (in this particular field) and better GRE scores if I need to reapply next year.
One day you're feeling positive, the next day, you're not ... it's a horrible cycle. Wait list people are waiting for April 15th for different reasons - we want people NOT to accept their spot in the school so that in another two or three weeks - we hopefully get that magical letter