I have no idea when we will hear about the Fulbright. ("The suspense is terrible. I hope it will last" - Oscar Wilde) I'm assuming before April 15... Regardless, even if I win the Fulbright, I think I will be declining. After consulting with the Fulbright advisor at my home institution, she and I both think it will be in my best interest to begin my PhD coursework and then perhaps reapply for a Fulbright when I begin dissertation research.
I'm in a similar position as Lisa. I'm a finalist for a Fulbright to Spain, but have been admitted to two PhD programs--one of which has offered unbeatable funding. It's a tough decision...
I'm a current graduate student in Georgetown's English MA program. I was notified of my admission via email on March 28, 2007. The DGS called a few days later to let me know I'd been awarded a fellowship and stipend. I'm graduating this year and starting my PhD in the Fall. Good luck!
I was rejected from Emory in 2007 and was admitted this year with fantastic funding. I think you should re-apply to schools where your scholarly interests fit with those of the faculty--this is why, I believe, I was admitted this time around; I tailored my application to the strengths of the program.