According to my professors (in particular, my advisor) I'm a solid applicant- as an undergrad, I've had 5 semesters of research with my advisors, 3 summer research jobs (one at my college lab, one REU, and REU-like experience funded by a different organization). I did a solid job on my GREs, have a decent GPA - I was a dummy and some semesters loaded on extra courses that were tougher then what my cohort took (i.e. 3 semesters of the calculus based physics courses and I've tacked on a math major). I'll have 145 credits when I graduate after 4 years of undergrad....
I've got 2 semesters of TA experience too, also volunteer hours, plus leadership positions in clubs. Not to mention the co-authored paper, numerous presentations (posters and oral) at local regional conferences and national conferences.
I'm having a hard time trying to single out where the problem is, exactly. I've contacted each PI and asked them questions about their research, made sure my CV and SOP was looked at by lots of people before submission. I swear, if another rejection letter ends with "with your excellent experience, I expect you will be accepted elsewhere", I will scream!
I say that my professors seem "disappointed" because other students are getting money thrown at them etc, and I have this huge expectation from them to get in somewhere.
Hell, one of my LOR writers wanted me as her grad student! But I opted not to apply because my research interests didn't completely overlap with hers. Instead, my buddy applied, was offered an RA + departmental fellowship (look who feels like a dummy now!). Ugh
Wow. I really unloaded there. \rant