I would like to know how much impact does the career progress [as is predicted by the title] has on the ultra elite and elite B-school admission.

Because the title [Director, Manager, Project Leader and so on] at different companies can mean different things, for example [Comparing two equally qualified candidate] if a person who is a Senior Programmer [Well! that's what I am] in a big organization where promotions happen only after a span of 4 to 6 years and a person who is Manager/Director at some small company [Of course the credentials of these two people are the same] then how does the admission committee view these two guys?

I know the obvious answer to this question will be it depends on the application package of these two guys and the quality of the professional experience. Still I would appreciate some more comments on this as in most of the cases the Manager/Director will get more chances to lead and can give better instances of his experience than the other guy.

Moreover, when I look at the resume books of top 10 schools, I see that before joining the b-school, most of the students held some high positions in the companies they were employed at. Does that mean that these schools prefer such candidates to the others, or am I exaggerating the matter here?