MEng CE Application - Wasting My Time?

[EasTexan]

I'm considering applying to several schools to pursue a MEng in computer engineering. Texas A&M is my #1 choice, but I fear my pathetic application gives me no hope if I apply for Fall 2012. Mostly I'm looking for advice to improve my chances.

-Will graduate with a B.S. Compute Science from a state school in May 2012.

-Overall GPA: 3.45

-CS GPA: 3.65

-Upsilon Pi Epsilon

App Killer stats:

-No research yet

-No relevant work experience

-I'm a really good test taker and feel I can do really well on the GRE, but have no concrete scores to post

-I will have 3 moderate to good LOR from 3 professors who all received their PhD from Texas A&M

I will have a research paper finished by the end of this semester (Fall 11) and a second paper completed during the Spring 12 semester.

So to my question and thread title: Am I wasting my time applying for the Fall 2012 year? Will it be best to wait to complete the research and possible obtain a cs related job/research position while waiting to apply for Fall 2013? I should add, I have no desire to complete a PhD at this point.

There is also a non-thesis option for the MEng degree, but I've heard conflicting opinions on this: 1. The competition is less for this degree, thus easier to get an admit. 2. Graduate programs look for research and you have a better chance of admit by applying to the thesis option.

Where do I go from here?

Thanks