i think it is supposed to give you the accurate amount of hope. preferred, or so i heard, means you have a very good shot. regular, not so much. if there is any logic to it, everyone who doesn't withdraw off the preferred waitlist would get in before the regular, and they wouldn't waitlist people unless there was at least a snowball's chance in hell of them getting in. the fact that the preferred waitlist is not ranked seems strange to me. If you are the best candidate waitlisted, you could still lose out to the #100 or whatever. I guess I shouldn't complain, I'm closer to the bottom of the preferred waitlist than the top (or so I would think).