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I just received a waitlist letter that asked for a response noting "When is the latest we can notify you about a favorable decision?"

Is there any strategy behind which date you list? On the one hand, I want to be considered for admission as long as possible. However, if I list a later date I could possibly be passed over for someone who listed an earlier date. I know I'm probably over-analyzing the situation and that my LOCI and campus visit will be more important factors, but I'm curious for any input, especially from someone who was successfully admitted off a waitlist.

I would recommend riding the waitlist the whole way if you really want the school. They aren't going to pass over you for a candidate they want less. They will stop considering you after whatever date you tell them though. Make it as late as can -- like right before you sign your lease for an apartment for whatever school you actually go to.