We are in the same boat, exept we have two siblings already at the school. This is the first year the school has been over subscribed, and for some reason it's over subscribed by 29!
We are hoping there will be some movement between schools over the next few months. I know some people got our school and didn't really want it, and others got another school and really wanted our school, so hopefully it will even out. The LEA seem to have gone strictly via their catchment criteria, rather than looking at individual cases, which I understand, but if they can do some juggling round, a lot more people will get the school the want. I also know a couple of people who got our school, but weren't really that fussed, because it's their first child, and all the schools are near each other, so for them to go to another school would be fine for them. It's unfair, but I guess the LEA have to follow rules.
We are on the waiting list ( number 11, sigh ) and I am prepared to keep him at home in September and wait it out a bit longer, but it's impossible to predict how it will go at the moment.
I do know though, that I can't do two different school runs, and I can't move my other two children to a different school, so it feels like I'm stuck between a rock and hard place.