Extended Learning oversees CSUSM's ABSN, so any statistics from the School of Nursing do not apply. As I mentioned previously, my classmates and I are pretty sure it's first come, first serve (as long as you have your "nursing core" prerequisites done.) In fact, quite a few of my classmates were finishing a "core" class our first semester. A few classmates applied after deadline, and there was a spot open, so they got in. From strictly anecdoctal evidence, I think everyone who applied got in. We heard reports of 300-400 applicants, but that doesn't really fit with the reality of the last-minute admissions.
Now, we were the second cohort of ABSN students, and a double cohort at that. In the future, they will be admitting 50 students at a time, and applications will probably go up as word spreads about the program, and it becomes more established, with accreditation, NCLEX pass rates, et cetera. Due to the state of transition, there really is no way to tell how "competative" a candidate a person is. As it stands now, Extended Learning has full discretion over admission, with prerequisites being the only input from the School of Nursing.
My advice would be to do the best you can, so that you'll be prepared. Understand that the program will be intense - you cannot hold a job and students with families are extra stressed. Plan now to have a support system in place. Nursing students (and nurses) tend to be type-A personalities, so the atmosphere tends to be thick with anxiety. As a second degree student, you will recieve minimal financial aid - you will want to have a plan in place to support yourself. (I live at home and have taken out private loans).
I understand the anxiety - but there will be plenty of that later, so try to relax while you can!