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It's actually called 'Caius' college.

Anyone would be extremely fortunate to make it into Caius. It has a formidable reputation both broadly and also specifically vis-a-vis law. Moreover, its scholarship means it will have received a plentiful batch of applications.
Chances are you will be rejected rather than admitted.
Not applying to Trinity is wise since everyone thinks 'wow', just like you did so they get a ludicrous number of applications.

According to the Oxon prospectus, there were 670 applics last year, and 200 offers, across the BCL/MJur. I have no idea re Cantab.

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Sidney may not be glamorous but it is still a highly respectable college. Given you went for what might arguably conisered a Big 6 college as 1st choice, I would have made 2nd choice more modest, Robinson perhaps, especially if you were fussed about avoiding a grad college, which given you've applied to both UG colleges, seems possible. Plenty of people are allocated to St Edmund's and Hughes Hall etc.
I note both colleges you applied to though have scholarships though so if that was your rationale, fair enough.

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Depending on how old you are, you may find the UGs rather annoying. On the other hand, if you consider yourself a fairly outgoing and hedonistic character, an UG college will have more going on in that vein and more people willing to join you with it. Grad students, by their nature, in my experience, tend to be very dedicated to their work. They do after all, like it enough to be carrying on with it. Does depend on your philosophy. Many people find being an grad in an UG college a hellish experience, others visa versa. Many don't give it any thought though and just go for the biggest, most famous, beautiful colleges though (which are always UG).

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Well living costs in the UK will not have lowered much because of the crisis. The real difference is in the exchange rate with your own currency. For EU-countries, a UK LLM is very cheap for the moment :)

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You know what they say: "The chase is better than the catch" :)

Especially when there is hope that the chase would end in a catch....

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Jag,
You may like to take a look at this:
http://www.chem.ox.ac.uk/oxfordtour/tours.html
This should give you a virtual tour of a large proportion of the Ox colleges, including both Balliol and Exeter.
I enjoyed a visit to both Ox and Cam in October time and have to say, while I began by being amazed by the architecture and the colleges, after about 15 or so you do start to feel that things get, dare I say, repetative. Not that I don't think it's a fantastic system, but it's quite an intensive day to spend considering which to choose etc.
In the end, I decided to go for Queens' and Robinson and Cam and Keble and Worcester at Ox. They all fit the bill facilities wise; providing what appears to be well rounded social centres (mixed undergrad/grad) with good catering facilities, a decent amount of on college (or near) graduate accomodation, well stocked, 24/7 libraries with what I think will be good law provision (because they are all strong law wise) and a dose of character. Plus, they don't sit a mile or two out of town, which I'd like to avoid if possible.

Ultimately, I think that my tactics (picking slightly less popular but still respectable first choice and a more modern/different second choice should, if I get passed the faculty boards, mean that I avoid a random drop into a college which doesn't include those facilities that I think I'd want. However, like many, an offer would make me happy enough to forget any such complaints I'd imagine!

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All right.

Now it has been 10 days since that dreaded meeting. I don't intend to set afire another round of speculations.

But, in order to let us all know that people at Cambridge are alive and working, someone ought to come out having recieved a decision.

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Yea, maybe the first round only involves preliminary elimination.