The waitlist at UVa is quite large. In the past, this has been because there are so many different segments to the population here (CLAS/SEAS/SARS/NURS for both VA and OOS students). On top of that, there are always students with great stats that don't warrant a denial, but who we can't fit in the offer pool. And on top of all of that, this year was our first year without an early application program. As a result, we don't exactly know how our yield (the number of students who accept our offer of admission) will look this year.
About 3,000 students were offered a spot on the waitlist (the number that actually want a spot will probably be about half of that). There have been years when we've taken 50 students off the waitlist and years when we've taken 150 students off the waitlist. It is very hard to predict how things will work out.
For now, you need to look at your other options and think about which one feels right to you. Some of you will want to hold on and see what happens with the waitlist and others will want to fully invest themselves in another school. Either way, you need to submit a deposit at a school by May 1st to ensure yourself a spot in another school's freshman class. If you are offered a spot in our class and you decide to accept it, you'll have to write to that other school and withdraw your name from the class (you will probably lose your deposit at that school). Just remember that you can't "double deposit".
It may be helpful to look at last year's entry "Notes on the Waitlist" and a later one that contained questions from waitlisted students. Feel free to direct questions to me and stay tuned over the weekend for replies. Also know that your envelope will contain a "Waitlist Frequently Asked Questions" sheet that will answer the most common questions (is the list ranked, what do I do now, what's the time line, etc.).
CavDog hopes you find a peaceful place to think about your options.