It's interesting...as an older candidate (one month shy of 35), I can identify with both sentiments. On one hand, I have some perspective on this process: I will go to school at the best school I get into, which ever that may be. In the scheme of things, the long term will be determined by so many factors that it is impossible to rest too much weight on the actual acceptance process.
On the other hand, where I get in will determine what kind of changes are going to occur in the near future - whether we have to move to a new city or not, whether my fiancee will have to find a new job, etc. I don't think it will determine where I practice in the long term, but who knows?
Still, through this process, you get attached to certain ideas & programs & dreams for the future. Part of the nervousness is generated by wanting to know which of these attachments will become realty & which we have to give up. I can claim some perspective, but I'm still checking e-mail, v-mail, snail mail - anticipation is getting the best of me. Funny, each step of the process seems like the worst: studying for the LSAT, then filling out the apps, now the waiting. I'm sure next fall, I'll be thinking, "boy, applying to school was a lot more fun than this..."