The only school I will look at possibly transferring into is ASU or U of A, but that has nothing to do with the rankings game and everything to do with my family living in Arizona. Aside from that, it is my intention to stay and stick it out at Cooley.
The acceptance rate is Cooley seems to be edging downward a tad bit, but they still cast a wide net. I believe 58% of all applicants are granted admission. So, yes, many people are turned away, but more are accepted than declined.
The minimum required LSAT score for 2004 is/was I think 144. However, your GPA also factors into the admission formula and I'm sure some exceptions to the rule are made.
For some, Cooley is the ticket for where they want to go. For others, I suppose it can be an expensive death trap. It serves a role that I think is rather noble and missing with the balance of ABA law schools - it gives a lot of people a chance who otherwise would not have had a shot at being a lawyer.
Cooley has a high attrition rate - around 50% as I recall. Out of that 50%, about half are people who moved on to other schools, and the other half flunked out or quit. What strikes me is not the number of people who flunk out, but the number of people who actually manage to transfer into T1 and T2 ranked schools after 1L at Cooley.