For instance, if one only thought it was worthwhile to go to HWS, but did not get in the first time, can they re-apply 2 years later? Would they have a better chance since they would have better work experience?
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Depending upon the feedback that the school gives you after the first ding...if they provide constructive feedback (work on your GMAT...get some more experience, etc) and its a tangible thing you can work on, then you should re-apply...otherwise, not worth it, and move on...
Most schools, if not all, allow you to reapply. However, chance of reapplicants is very slim (close to none) at some top names. I can't remember exactly, but I think either HBS or Wharton is one of these schools, and possibly both of them.
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