Can someone tell me what the difference is between Deferred and Waitlisted?
Personally I don't think that work experience is really at all valuable to a lawyer's future success. In many cases I think it just shows adcomms that you're responsible. As soon as you graduate you start getting work experience so I don't think it really matters for future success since you're going to get it anyway.
They'll think the 3.7 will be a better student and they think he'll help their ranking more, so no, it won't cloud their judgment.