I'd just like to offer some encouragement to the people that didn't have any luck this year. I was in your position in 2008, but this year I was able to get in. Really, so much of this process is beyond your control, what with the availability of funding, willingness of the prof to take a student any given year, and whatever your competition is. I'd encourage you to try again next year - at least with me, I knew I was qualified, I just had to wait for the stars to align just right. Take this next year to get out of some undergrad debt, get some world experience and make sure the grad school is really what you want to do. Next year you'll be all the better for it... Talking as someone who has been there - it really isn't the end of the world.