I too have been admitted to Baylor for Spring 2008, but I will not be sending in my deposit. If I go to Baylor my desired start date would be Summer 2008, which, after talking to somebody in the admissions office, I think I have a decent shot at being accepted to. I am also in the same boat as hokielaw in that I'm graduating in 3.5 years, but I really want to take some time off before I start law school.
Also, getting an acceptance to a school that I have ranked about the same as Baylor on my list also makes it much easier to gamble that I will be able to get in for the Summer quarter. Good luck to those starting in the Spring though. Baylor is a rigorous program in a beautiful building, but it definitely prepares you to be a good lawyer right out of school.