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Depends on your career goal and where you are going for school. All these schools are more regional than you think if you are staying in the US post MBA. If you aiming for China then your prior experience matters more.
Yes - In the end, your efforts will count more than anything. Even at M7s, a lot of people don't make it into some of the tougher industries like MC/IB if they don't work hard enough.
A lot of people have been in your situation - They got accepted by S16 but wait-listed by M7, and is wondering whether to apply again. Application standards get tougher each year, and this year a lot of schools have reduced applications requirements (less essays and reco letters). This is because schools want to drive up application volume, and consequently it might be "tougher" to get in next year. More emphasize will be placed on hard stats.
Unless you are in a S16 with FULL SCHOLARSHIP, which means you significantly exceeded the standard of those schools and might have a shot for M7, then just take the S16 and move on from there. Life goes on and it is not worth it to keep reliving the admission cycle. There are bigger things after that.
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