You know, I'm not so sure I agree with it, though. Last year, was a record for lowest acceptances ever. The school runs the danger of a reduced application pool, especially for ED, if ppl don't think there's a realistic chance of getting in. That happened at Harvard this year! For Penn, especially,then, their whole selectivity thing is at risk. Who knows, it could even mean a benefit for ED this year.
BTW, I don't know any of this for sure, but it made me feel better to say it!