Please reply to this

The point that you've made is exactly what I've heard about schools here in the states. By the third round they're just looking to fill up the class. I heard something like last year at Wharton they only accepted 5 people in the 3rd round.

I'm not sure if this is any different abroad, but I'd imagine it would be the same situation.

It all depends on your profile.

If you feel you are up for a challenge, do R3. It largely depends on how you scale against your peers, are you a valedictorian and got 4.0GPA undergrad from cambridge? Go for it! That being said, you should also consider empowering your application and going for R1 next year, honestly. Even more so; if you get into one of the top programs you can consider working the remaining part of the year promising a company you will use your post-MBA skills to help the company, it might even get you career options and funding.