When something like this happens, it's bound to hit one's self-confidence. It makes one doubt whether they were doing a good job in the first place, as surely if they were performing, this would never have happened, right?
What's been gratifying, in a sense, is that my team-mates have all seemed to be genuinely surprised this has happened; one of them even going as far as to say that this was ridiculous, and that, clearly, top rankings do nothing at all at the end of the day.
What's been even more unexpected have been the conversations I have had with people outside of my team, one of whom is a very senior manager at my company, and whom I have done a fair amount of work for and enjoy working with, asked me if I was interested in working in any other department. I said, "yes, definitely, blah blah blah so as to enable me to better use the skills I have learnt in pursuing yada yada yada." He then said, "let me speak to some people over there. I can't guarantee anything, but at least you may be able to speak to someone." To say I was incredibly surprised and grateful - even if it is just the offer to talk and nothing comes of it - is an understatement.
Another colleague told me he thought what had happened was "ridiculous" and after hearing about me, told me that he had no idea how these things were decided. He also said he'd have a think and let me know of anything he could think of.
I guess there are some advantages to being the only one of my level cut. At the same time, everyone else of my level was cut in the first round earlier in the year, so I guess they're clearing out the one lone remainder now!