Why is one layoff being discussed in this forum? Layoffs happen every year. In 2008 JPM only took 40% of Bear Stearns employees after the merger. Many Merrill Lynch people were laid off too. You know how many top MBAs went to work for those 2 companies?
Acceptance rate for class of 2011 was pretty much the same as 2010. 2012 might be slightly tougher than class of 2011 but who cares? If you have the grit, will, determination, motivation, and intelligence then you will succeed.