Please evaluate this potential fall '11 reject

No, don't worry -- I don't suffer from low self-esteem, I just didn't get into the schools I wanted.
I applied to MIT, Georgetown, University of Maryland and so far have been accepted to Smith. Georgetown releases their decision on March 25 (I applied to the part-time program) but I have not been invited to interview with them yet -- so obviously chances are very slim.

Stats:
Indian American origin -- born in India, but we immigrated when I was 4.

Undergrad: Boston University, BS Electrical Engineering, GPA: 2.68/4.0 while enrolled in Air Force ROTC. I was the president of the Indian Club @ BU and the Vice-President of the Arnold Air Society (community service organization in AF ROTC)

GMAT: First score was 550...2nd score was 620 (44Q, 29V, 6.0AWA). Still low.

Professional Experience: 3 years as a commissioned officer in the US Air Force all working in Germany except for being deployed to the Middle East for 6 months fighting in the "War on Terror". While in Germany, I implemented Kaizen to the AF IT system and consolidated 96 call centers to one focal point that I was responsible for -- managed 60 troops at the age of 24 and worked with the UK, Spain, Greece and Italy. 4 star general at the Pentagon visited my work and directed to implement that AF wide. While deployed, I set up the communication system for former Pres. Bush and Dr. Rice's visit to the battlefield along with several 4 star generals.

Now -- I work in construction management and have worked for Top Secret projects and a $330 million data center.

Extracurricular: lots of volunteering -- cleaning up parks/rivers/schools. Volunteering at food pantries and with tutoring children. Active with my undergrad alumni association in my city as a volunteer and intramural sports athlete.

Aspirations: Long term - start my own real estate development company (focusing on brownfield redevelopment). Short term: Work with developers or a REIT or in green energy consulting.
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Question 1 - Do I reject Smith in hopes of applying with a better GMAT score next year? I plan on taking prep classes to solidify my chances of getting a 700+ on it. My GPA is something I can't control anymore and my professional experience is something that won't increase too much in a year. However, I am planning on becoming LEED accredited by this summer -- something else I can add to the resume. No offense whatsoever to Smith, but I feel for what I want to do, I may need to attend a more reputable school. Thoughts? The downside is, if I say no to Smith and don't get into any school next year -- I'm basically done as far as an MBA goes since I doubt I can reapply to Smith next yr after saying no to it this year. Or can I?

Question 2 - With everything remaining at the status quo except my GMAT's going up to 700+ and LEED accreditation, what are my chances at Columbia (pretty awesome RE program), NYU, Haas, Georgetown, MIT, Kellogg, Booth? I am contemplating on hiring a consultant to possibly 'brand' myself better than I have this year -- or maybe my recommendations were awful (my boss did submit all recommendations on the same day the day before he left for his Christmas vacation).

I sincerely appreciate your opinion on these matters. Thank you so much.

nks