It means that the POIs I visited in October told me that I'd be hearing from them at the end of January or beginning of February and wellll...
The best case scenario is, of course, that our POI calls us as soon as s/he opens our application and says "By golly, we'll take you and pay for it too!" Those of us who've recently posted to this board are clearly not in this position, so consider the WORST case scenario: our application doesn't even make it to our POI; the DGS or the administrative assistant (!) takes one look at our GPA, GRE, or whatever, laughs, and puts us in the "REJECT!! And Tell 'Em Now So They Stop Bugging Us" pile. I would know, last time around I had three rejections before was even expecting to hear from a school!
No, making it to the end of February means that we are not worthless. We're not hot-shot first pick superstars, but who cares? It's happened where people who look best on paper are actually not able to cut it in a graduate academic environment. (And just look at sports to see how many first-round draft picks of yesteryear aren't even remembered now, whereas some of our favorite players only barely made it to the major leagues.) I'm not going to lie and say "Just hold on, you'll get in somewhere!" but I will say that not hearing from a school at this point doesn't mean that you have been rejected and they just haven't told you yet. Grad schools, like employers with too many applicants, WANT to get rid of you as quickly as possible.
It's not over 'til it's over, no rejections until rejected!!