I got my "reserve" letter today too, and I have to say that i'm anxious. I've heard that Boalt's waitlist is a sure rejection. I wonder if (a) the talk about Boalt is true, and (b) whether Cornell's "reserve" list is hopeless. According to the letter, it is not, and I'm hoping that this will blossom into an acceptance. Then again, i have no idea how i'm going to scrounge up the money to attend, but that's a different story. According to my letter, the list is "several hundred" in size.
Let's take a very rough estimate - say they have 20 spots available to us reserves. If the list is several hundred (let's say, 300), then about one in fifteen of us reserves will be accepted. My thought is that we retain an outside chance, but not a great chance to move into the lucky few. Frankly, I'd be happy to be the 180th person in! And I'm not complaining with my reserve spot. I'll pray to the law school gods tonight...
If anyone else has any insight about these "reserve" lists, please chime in.