I applied to 4 schools, 2 of which were not very competitive (LSU and Loyola, New Orleans) and 1 semi-competitive school (Tulane, my "dream school" - HAH) and UVA (which I only applied to b/c my school wanted me to participate in the Jefferson Scholars scholarship competition).
I wasn't worried about acceptance to any place but UVA. I was #2 in my class and had a great SAT score. So I was playing the scholarships game. When the acceptances came, I was pretty nonchalant about them.
I didn't get into UVA, but I think that's because I applied REALLY late. Didn't make sense that I made it to round 2 of the scholarship process and didn't even get in.

So I got over that quickly.
When the scholarship for Loyola came in, I was insulted that it was only half (my scores were WAY higher than their median, and pretty much everyone in my family went there). When Tulane's came in, I was crushed. I spent my entire HS career working for their full Deans Honor Scholarship and only ended up with a partial ride, that they usually give to people with much lower credentials than mine. I cried for about 3 days.
Law School acceptances were also pretty blah for me - all the schools I applied to were in my range, so I wasn't worried at all. Although, I am pretty pleased with getting a 68% scholarship to Loyola, New Orleans. And I expect that LSU has something even bigger in store (or so they're saying in admission)