While the decrease is real, and mirrors that of peer schools, no one is losing sleep. As far as I can tell, all ABA schools have more-than-ample applicants to fill their 1L class. Granted they'll have to dig deeper into the applicant pool to maintain class size, but in Yale's case that means replacing one 173/3.9 with another 173/3.9 who previously would have had to settle for Columbia.
Hell, even Touro, which is as presTTTigious as they come, had only a 38% acceptance rate in 2009 according to Law School Numbers. For comparison, Yale's rate was 7%. Put simply, Touro will shrug off an applicant drop like a spring rain, replacing one future justice with another future justice.
A misguided blogger suggested that 1Ls and 2Ls could harm schools by dropping out. En masse, sure, but that will never happen. These are lemmings we're talking about.
Meanwhile, over at Yale ...