Here's my $.02 (if it's worth even that, and probably not.
Cornell admissions department is assessing the class as it currently stands (now that deposit deadlines have passed) and are looking to fill demographic, and other less tangible, gaps. If you will fill one of those gaps, it doesn't matter whether you sent in one LOCI or five, you'll be pulled off the reserve list and offered admission. I say this as someone who messed up in the Cornell admissions process any number of times, and was still given more time and opportunity to decide whether to attend than frankly I deserved. It wasn't my numbers or softs or LORs - Cornell had a vision of what they wanted for the class of 2012, and I, most fortunately, fit into that somehow.
Right now, Cornell could find that it's overloaded with East Coasters and lacking in PlainsStaters. Or far more women than men have deposited. It could have far too many philosophy majors and not enough economists. I don't think, at this point, it reflects upon the qualifications of those applicants on reserve (unless, of course, medians are too low,) but upon the plans and vision of Cornell. Frankly, it's probably out of your hands in many ways. Good luck to everyone, though. Hopefully it will all work out for the best, whether here or elsewhere.