nyfilmfest - I sympathize greatly with the tension you're feeling, but it's important to remember how arbitrary a process this is. As one who has been rejected from a wide variety of schools thus far (many of whom I thought would accept me), a few realities have hit. For one, a school may be rejecting an individuals admission, but not the individual themselves. We are all excellent candidates for our field, in large part because of the passion we have for our given subjects, but that won't change if a school we covet rejects us. Also it is important to remember that chance plays a rather large part in all collegiate admissions, but particularly when so many great candidates apply to the same program. Sometimes a student has just the right combination of GPA and test scores, or a single line in their SoP captured the imagination of someone along the line. I would also suggest that the shrinking of budgets at many of these schools inflate the rejection numbers because there are fewer spots for a larger number of applications.
I guess what I'm really saying is that you need not feel consternation in the face of acceptance or rejection. I'm sure you'll do just fine, and remember that either way it certainly says nothing about your viability as an academic. Good luck! (I can't wait much longer either)