I don't think the message itself is disrespectful. The bold and underlined font? Yes, that seems like an expression of exasperation that could, in turn, be pretty aggravating. That said, most of the schools to which I've applied seem to operate under an unofficial policy of "don't call us, we'll call you." To see acceptances on the results board and then have to wait 2+ weeks to get a letter stating the inevitable would be, in my opinion, far more emotionally taxing. I certainly hope that Penn sends out at least an email to those of us who weren't admitted, and if they don't, I'm calling shenanigans. In the meantime, though, I actually found it fairly relieving to see my own unwritten assumption in writing, even if the font is fug.