Hmmm. @bernie12 I am not so sure that the student bodies of Emory and USC are all that different. The biggest difference is where they are from. While both have very national student bodies, Emory still is more Northeast, Mid-Atlantic, and Southeast. The demographics are similar. Both universities have strong business schools, but other majors are separate them. I agree with both of you that chancing applicants makes little sense for either school and it can only get an applicant’s hopes too high or too low. I agree with @WWWard and portfolio application strategies. Kids who come up with one dream school are doing themselves no favors. I can see picking one favorite and doing an ED1 application to that school to boost chances, but other than that, the portfolio approach which also include state flagships, makes for a better strategy and takes some of the edge off.
For business majors, the best advice is to apply to Kelley at Indiana University. It is clearly one of the top business schools in the country. They have rolling admissions, which means you can find out even before ED applications are due. They are also formulaic. If you have a 1400 on your SAT, you WILL be admitted. If you are accepted to Kelley, it just takes so much of the edge off of the entire process.