i think it's not to late for anything yet.. it's not even first of may yet.. but maybe they already have, like, discarded some of us, so if you're not among the discarded, it will help them to maybe decide to admit you. if you are among the discarded, then maybe it they'll take another look at you. wither way, you win
"How long would they give us to make a decision?"
hahah i don't know about you, but i wouldn't have any trouble deciding right away

(well actually it would be like this, they give me close to a full ride, i go, they don't give me close to a full ride, i don't go, cause i ain't got the money to do it otherwise..)
and no, i don't think anyone can tell you when you will find out.. you can find out right away, probably if you're a very strong applicant, and they admit you, or if you're a very weak applicant and they reject you.. the middle will probably be "left behind" in case that some of the people that have been admitted from the waiting list decide not to go. but that's just me guessing it heheh
btw caltech class of 2012 on facebook -210 members and still going down! god, i sure hope there will be spot..