I'm looking for some input from a more diverse range of perspectives. Any comments are welcome!
Atticus-- I am in a similar position to you. My numbers are 3.25/169, and I applied really late in the cycle: Anywhere from mid January to late February (I was getting scared). I have thought about this quiestion more than a healthy person should, and in the past couple of weeks I am becoming more comfortable with my answer. I will attend school this fall, most likely BC.
Here are a the things that I thought: I am 2 years out of school. I know I am not over the hill, but I am happier knowing I will graduate at 27 than 28 (this may be bcause I am female-- girls don't flame me). Also, there is no guarantee that I would get into the top-top schools. I didn't even apply to Cornell or UVa this go around, so I don't know if I would have been rejected, waitlisted, etc.
Also, and primarily, I found myself being brainwashed by the people on the board and xoxo and LSN. Life isn't T14 or die. There are thousands of respectable schools outside of the top 14, and attorneys can (and do!) have successful and lucrative careers, and happy lives, with degrees from schools with a lower USNWR ranking. I was accepted to schools that had good academics, fantastic reputations, amazing starting salaries, and where I felt comfortable. And I am happy. Sure, there are some days where my mind wanders to "what if". And it sure would be cool to say, "I go to Michigan Law". But if that was the ONLY reason I would wait another year, unhappy in my current job and going through another 6 waiting game, then it is not worth this again.
I wish you luck in the future, no matter what your final decision is.