the acceptance rate is in the mid-40's compared to arts & sciences upper 20s but the applicant pool is fairly self selecting. basically, if you take your stats and compare them to the net vandy undergrad stats and see your chances as slim they won't be significantly improved with peabody. if you don't have the hooks that the typical "strong" applicant has but think you have a niche somewhere or just overall balance and are set on vandy you could always go ED with peabody. net ED acceptance is somewhere around mid to low 40s compared to high 20s for net RD acceptance. throw the two together and you've got at the very least improved chances over an RD arts & sciences applicant.