Unless you have something really unique in background background that is likely to jump out at admissions officers and make them say, "Wow, we MUST have this person in our class!" I do think you're more likely to be admitted in Round 1 next fall. At many programs there just aren't a lot of seats left. That doesn't mean that you DEFINITELY can't get in -- rather, you just had better have something very unique in your profile to help you stand out.
Check out this post from the HBS admissions blog from just last week. I know you're not thinking about HBS necessarily, but this sums it up pretty well:http://www.hbs.edu/mba/admissions/blog. ... 2011-02-28
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