ConfApp

I want to make a few things clear, first of all UPenn is not a backup nor my "safety" school. UPenn is a great school otherwise it would not have ended up on my list. I am very excited about the oppurtinity to pursue my PhD at UPenn. I really like the research there and the point of this thread is to explore whether I am getting a bit too greedy or whether I actually have a chance at my top choices. From the amazing advice and responses I received I would guess that reapplying without significantly improving my application (i.e. investing a year or more in to profound research at some institution) would not actually get me in to my top choices as I have been rejected twice. With that said, I am definitely going for UPenn. Are there any others who did not get in to their dream schools and still doing great at their current university? Thanks again for the amazing advice and insight. Also thank you all for being open minded about a question that is emotionally, rather than, rationally driven.

I forgot to mention that I applied for Fall 2011 and was rejected by the same schools including my top choices. So it seems like the only way I would increase my chances and have a shot at my top choices is to get more research in my area. I love the research at UPenn but I am getting the feeling of not being in content with a school that is my 3rd/4th choice. Are there any out there who had to settle for a 3rd or 4th choice that can share how they feel now about their decision? Also what about job prospects between say Harvard/MIT vs UPenn? Thanks again

I applied to top universities (8 in total) and only got in to one school, UPenn, ranked around 15 in CS. I graduated from a top 10 engineering school with a double engineering major but very low GPA (~3.05) and received my master's from a top 20 CS school. I have no research experience but two to three years of industry experience in a reputable large engineering company. I also have my own funding for my PhD (side question: Does this make a difference when it comes to admissions?) When I applied to the schools I just wanted to get in to any school on my list but now I am having second thoughts.. I keep thinking since I had gotten in to UPenn, what would happen if I reapply next year? Is this the best I can do? What if my application fell through the cracks and professors at my top choices (MIT/Harvard) did not really read much in to it? Did anyone go through this? Should I just accept what I have so far and go for it or keep pursuing my dream of getting in to my top choices? Thanks