I'm sure most of the folks here already know this, but just incase anyone forgot: Naval aviation does not care about this year group, or any other year group. It's not personal, it's just business.
To those LTs who just got passed over: Your chances of picking up O4 on your second look are not good. It's time for you to get your ATP and start working on your resume. Prepare yourself, your family and your finances for the transition the the civilian world now.
Also, there are hundreds of aviators who are exactly in the same position as you. A lot of them are going to be looking for a seat in a USNR squadron in the next few months. I recommend that you get over your shock very quickly and start working towards getting a spot in a USNR squadron, before all the seats are filled.
Good luck.