Well, I was certainly distraught. I went to Northwestern Preparatory School and boosted my application any way I could find. A lot of my friends made it into an academy, and I was devastated when I didn't get to go with them.
When I reapplied, it was kind of a "just in case" deal. I actually like Army ROTC (joined because of scholarship offer) and figured I could comfortably stay there if I wasn't accepted again. But at a certain point, I realized that if I wasn't willing to keep trying for my dream, then it wasn't really my dream in the first place.
I can't tell you how rewarding it was to finally be accepted to the school of my dreams. At this point, I wouldn't have had it any other way. I'm not much of a believer in fate, but honestly I think that everything worked out the way it should have. I had more time to solidify my goals and experience the world after high school. Plus, I sincerely believe that the extra experience from college and ROTC and needing to work extra hard for my goals is even more valuable than what I could have attained while at an academy. It all adds up to making a (hopefully) great officer.
If you make it in next year, then I really believe that it is what is best for you. Maybe you would have had regrets about not receiving a "real college" experience or something like that. I'm not even sure if I would have made it straight out of high school. Just do the best you can and I know that you will be satisfied with the results in the long run.