My AP Lit teacher told a story a few weeks ago when she was talking about college applications and acceptances about a student she had a few years ago. This girl was upper level good student. She and her parents always had this dream school picked out. The responses came from this dream school telling her that she had been waitlisted. She had acceptances from 3 equal level colleges. Her parents encouraged her to wait to see if a spot was available at the "dream school". She decided she wasn't going to wait telling her parents that if the college didn't want her, it wasn't where she was supposed to be.
So, that was my teacher's cautionary tale that waitlisting really means they don't want you but you're still good enough to get in sorta.
Anyway, would you ever wait instead of going somewhere else if you were waitlisted at your dream school?