I will admit that when I first heard I was waitlisted at Penn, I was pleasantly surprised because they are a super reach for me and they have been my first choice since I started thinking about law school. However, it seems that Penn has waitlisted A LOT of people this year and they have already admitted a few off the waitlist (according to LSN). Therefore, I feel for most of us, we shouldn't expect good news from them. I hate being overly negative about it, but I think very few (if any of us) are going to get in off the list.
That being said, I would love a status update, so reading that for at least some of us, there will be some sort of contact that is a positive. I guess we can still hold on to the dream. I would be surprised if WL/rejects got a phone call (or even an e-mail), so I would guess that calls are good news.
Also, I read a thread from a few cycles ago where Penn has offered some people options of attending the next year. I would take them up on that, I can wait a year.