This is my second run-around.
The first go I was applying during my senior year of undergrad, and I don't think I really knew where to apply/why to apply.
I applied to five schools with good reputations on the internet, and was wait-listed at Illinois.
This time, I sat down and applied to schools whose professors I enjoyed and whose professors I thought would be good mentors, and I've been far more successful. I'm now going to enter my MFA from a place of strength rather than a place of panic about having to enter the working world.
I'm very glad that I didn't attend an MFA right away. The time away from the academic community has forced me to make the decision if writing is what I really want to do with my life. It's easy to write a poem if you have one due for workshop once a week. It's a hell of a lot harder to wake up at 5:00 every morning so you can get writing done before the commute to your cubicle.
What about you? This your first time? Or are you a repeat offender?