This is a rather random college admissions schedule employed mainly by larger schools such as the University of Pittsburgh. It works this way: rather than having a fixed date to turn in applications by (ie January 1), applications are read as they are received, in the order they are received. An admissions decision is made immediately and the student is informed. When they've filled their freshman class, they stop reading. This is very nice for the student, as it eliminates a lot of pesky waiting, as long as you get your app in nice and early. I recieved a decision from Pitt within three days of submitting my application.

I can't imagine what the benefit for the school is. Huh.

Anyway, I highly recommend rolling admissions for all impatient high school seniors (in barracuda suits?). If you find a school that you like that employs this bizarre policy, bully for you. Rolling admissions might be the outermost circle of college application hell.