I thought GMAT was tough, it is nothing compared to this admission process.
Yeah, it sucks!
I'm 31 now and will be starting at McCombs this fall. I applied to 6 schools, got in at two, dinged at three, and waitlisted at one. I haven't asked the schools that dinged me for a post-mortem but I'd be surprised if age didn't play a roll. Actually, I should say "experience" rather than "age." It's illegal to discriminate based on age but they can judge you as having too much experience. It's all bullshit semantics, of course. Your age very well may count against you. Fact.
That said, it's not the end of the road! I'd suggest getting a copy of the 2009 US News & World Report grad school rankings and looking at the average age of students in the various programs. You'll see that students at schools like Stanford and Harvard tend to be younger than schools like Haas and MIT. Let that be part of your decision process but by no means the whole thing - there are people in their 30's at Harvard and Stanford.