I got a letter responding to my application to the university that is my first choice. The letter said that they will wait and consider my application during the regular application period. (I applied early) I already got into the university that is my second choice, so it's not as though I won't be able to go to a school that I like. Getting the response that I did to the school that's my first choice to me feels like a rejection, if I couldn't get in on the early applicant deadline, I doubt that I will get in on that deadline because the school said that only a small percentage of people get in on the regular application deadline. I don't know if I should be happy that I didn't get rejected, or sad that I didn't get in. I think I'm disappointed in myself for not being able to get in early. Even if I do get in later, I'll still be disappointed in myself knowing that I wasn't good enough to get in early.
I can't really tell you how you yourself should feel, however, if this were to have happened to me, I would be happy that they didn't just flat out reject me and that there is still a possibility of getting accepted. And if I didn't receive acceptance then at least I know I was reviewed twice when it's a hard college to get into....that second chance. So if you don't get accepted, that doesn't mean that you aren't good enough to be there. It's just a competitive selection process and you were lucky to recieve a second look :) could mean they are interested but need to review others before a final decision. Congrats on your acceptance to your second choice!! ^-^ I wish you the best of luck, though for your first!
I'm going through a similar thing at the moment. My advice is: No news is good news. If it's not a flat out rejection/offer then there is still a chance. Don't beat yourself up over it in any way, you're still going to university which is much more than a lot of people and you still have a chance to get in to your first choice. Everything is out of your hands at the moment so there is no use in worrying about it, remain positive but if you end up getting rejected then it's not the end of the world because you will still go to a place that I'm sure is equally good- may be not in your personal view but academically (this is a guess). Rejections are horrible, they hit hard and even if it was for your bottom choice it still feels like your self esteem has been stabbed. Of course it's not the end of the world because you have other choices.
General rule of thumb for life: there's never any way that you "should" feel. You just feel. Everyone reacts to different things differently; don't feel like you have to conform to some sort of norm. Try to look on the bright side of this, though. You haven't been rejected; the college is still willing to consider you. The fact that you applied early will probably hold some weight with the final decision. And like you said, even if you don't get in to the first college, you still have your backup that you like. I'm a senior, too, so I know how stressful this crap is. Don't lose hope!