Heres my input into the same issue :-
First research prsopective schools, and decide where you would be applying. Start noting down why you would like to go to school x and not school y , and write the reasons down. Also research schools based on where you wish to work post MBA, and what field you would like to work in, and start finding schools based on those intrests. Recently there was a post on Invst Banking and Mgmt consulting . There would be similiar posts in the archive too which may come handy to your research. Apart from that vault and business week do give detailed data on the B School, but its paid.
Also MBA rankings are deceptive, and not all top ranked schools are the same. Its a common mistake, made by many candidates to send the same answer to different schools with just a find - replace change with the name of the school. Thats an error, because an essay must reflect your understanding about the schools culture, and how you fit into it. No two schools are identical.
Also if you have a friend who is a native English speaker, and a graduate in English language, he/she can do wonders to your application grammatical review. Also keep note of the fact that American English is different from British/ Indian English.
Reg the content feedback, if you have a friend who has graduated from the school you plan to apply to , and is willing to review your app and give you his input, that is good enough on verfying the content .
If you can manage both ,and you clearly know why your applying to a certain school, and have researched the past intake and spoken to current students and alumni about the school , in all probability you wont need a Consultant.
But , if you dont have access to the above, and are not confident about your writing skills, and need a third eye to review your application, and also get input into the universities that meet your profile, please go for a consultant, as applying for an MBA in Fall 2009 will be extremely competitive , and applications are probably the most important aspect of the MBA application. But dont expect anythting more than an essay edit from them. They will in no way write your essays, and even if someone volunteers to do that always remember that your AWA is read by some school adcom they may realise its not written by you. I read this on a chat by Yale ADCOM wit prospective students.
Although consultant services are extremely expensive, but there is enough choice out there to make, from Veritas, to
Accepted.com, to Clearadmit , to
stacy blackman to MBAadmission.com, the list goes on..... Try talking to a few of them, getting a feedback on your profile,and work with one you feel most comfortable with.
Keep away from consultants who promise scholarships, and guaranteed admits to top schools. In these competitive times, no one can offer a guarantee. If you get through its probably because you deserved to be there, and put in that effort, the consultant can do little to secure you an admission. Ive had a lot of friends in India who pay a few lakh rupees , and get duped, or the consultant very well suggests safe schools , so that he maintains a 100% success rate. Beware of them.
Thats my two cents on the processs. I was also in the same dilemma last month, spoke to a few friends, who have been through U elite/elite B Schools , and a lot of what I share has been suggested by them
Anyways you may find this blog useful on App Consultants :
https://gmatclub.blogs.com/blog/2005/01/ ... using.html