My freakout moment came when I got three rejections in two days which was rough enough, and then was told by Friend A that she was accepted by UC Berkeley and told by Friend B that he had an interview with Leeds. Now I love both Friend A and B, but I know for a fact that I have the better GPA, GRE, extracurriculars, you name it. They both told me the "oh don't worry you'll get in, if I got this then you're sure to!" line, but as it stands I'm still holding four rejections and not even a waitlist. Argh.
I think the hardest part about the grad school application process is the jealousy that it breeds.