There was far more WL movement this year than in past years, this includes some of the better schools. Do believe the upcoming cycle will show more applicants willing to attend. I think more applied this year, but less were willing to go into school and debt with uncertain job prospects. Many probably waited to see what happens to the legal industry over the next year.
But, I think it really depends on geographic location where you apply. For example, I know for a fact there was a huge rise in applicants in Boston & NYC b/c of the legal and financial industries woes. Several admission offices told me just that, but they were not certain a high percentage had a great application package and seemed like they were reaching in terms of reasons attending school. (Yes, some in the financial world applied to law as hard as that may seem to believe for some on here.)
In DC the applicantion numbers included a typical bump as seen in past years and not a huge jump that one might expect.
My takeaway from the conversations I had with admission offices - make sure you application package (esp personal statement) make it crystal clear why law school is right for you and why you are attending.