OK so I realize I'm a little late to the discussion, and that someone just posted a similar idea on the Held at Columbia thread, but I honestly don't understand why everyone is so happy to be held at Harvard.
I've been describing it to my friends as the following situation:
You tell a girl you love her-- better yet, you take her to a $100 dinner just to see if she loves you-- and she says "hmmm... let me get back to you after I see if anyone better than you loves me too." And then she adds, "By the way, if you meet someone else, you should probably just go with them even though I might holler at ya later."
Now, in normal life, if someone "didn't exactly reject you" in this insanely arrogant way, and "held" your earnest application for love, any self-respecting human being would say "holy @#$! she is such a @#$!."
And I have to say, I'm held at HLS and CLS, and I think Harvard's hold is way worse. CLS at least said "we'll let you know by April 22"-- Harvard, on the other hand, has not given any indication that they will even waitlist or reject us by the time we have to send a deposit to other schools. I paid good money to have my application reviewed-- which means they should at least dignify my efforts with one of three responses (held, aka "no response even by the May 1st deadline," is NOT one of them).
As for the argument that silence from SLS, Duke, Michigan, etc. is similar-- I'd say it's only similar if those schools don't give you any answer by the time you have to pay a deposit somewhere else.
After all this, I don't want to go to Harvard, even if they come crawling back, groveling on my front lawn to accept me. At this point, just like I'd wish for in the professing-my-love situation, I just want the money back I spent on dinner.