I was an alternate for the August 2010 CHOICE program at Regis and never made it. My cum GPA was less than stellar, but I re-took all my sciences and got A's and had really strong references when I applied. They had 20 alternates for a 24 person cohort and I thought my chances were slim.
I felt good about reapplying and submitted my application for the CHOICE program at P/SL (if no one is familiar with that, they should inquire) and got accepted!! In the meantime I had applied for the May 2011 ABSN program and also got invited to interview. I'm not doing either because we are now moving out of state (so maybe that will increase your odds
). I think reapplying is worth it if you have done something to strengthen yourself as an applicant. Good luck with the interview!