My outside funding through my employer required me to apply to at least three schools, which I think speaks to what a crapshoot the admissions process can be. I applied to four because I was a bit anxious about where I really stood in the candidate pool as a midcareer candidate who didn't have stellar undergrad transcripts. I felt I was reaching with two schools and a good fit for the other two—albeit that one was probably closer to a safety given more in depth research since.
I have been accepted to the three programs I have heard back from (including my number one where I'll attend).
I actually feel fortunate to have started this process a bit late in the season in regard to the fact that I had some schools that I was simply too late to apply to and I didn't have much time to dwell on the application components.