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, this is our first year with the Common App and our yield (students who accept our offer of admission) may be affected. And on top of all of that, there are people out there who are saying the economy will affect college choices and schools will be pulling large numbers off their waitlists. I honestly don't think we can predict what will happen at this point.
About 4,000 students were offered a spot on the waitlist and usually half accept the offer (yes, you have to respond online to the offer of a spot). You are not ranked. There have been years when we've taken 50 students off the waitlist and years when we've taken 150 students off the waitlist.
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 may lose your deposit at that school). Just remember that you can't "double deposit".
It may be helpful to look at past waitlist entries, which will give you a sense of the timeline and answer frequently asked questions. 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 quiet spot to think about your options.