Well stated Baldwin!
3rd round for me. Have had small successes, but nothing fruitful yet. Waitlisted at one school in '08, flat rejected in '09 from same school. The ups and downs are horrendous. My first round (technically second as I applied to MFA programs several years ago) was particularly tragic. I felt really horrible. Second year, got an unfunded acceptance. Thanks for nothing. But, as mentioned, the goal is to put together a better package every time, refine your list of schools to find the right fit, and keep moving forward. I'm much less worried about this year. There are plenty of options outside academia. I hold an MA which provides for a few more. It's not a terrible idea, but one you might consider pursuing as you refine your application. Try a different school. I went to a state school. Much less expensive. Made my own road through the program, too. Worked on what I wanted to work on to make myself a more well rounded candidate (and human being). In the end, it is what it is. Life does not end after 28 rejections (can't wait for #29!).
c.