While it concerns an anthro-flavor American archaeology program, I thought this recent post by Cornell's Adam Smith was interesting and worth sharing (it also has a link to Sturt Manning's older post about Classical Archaeology): http://blogs.cornell.edu/adamtsmith/2015/06/10/applying-to-graduate-school-an-archaeological-perspective/
Re: Penn-- the Classics, Ancient History and AAMW graduate groups, although overlapping in many ways, have separate admissions processes and timelines.