Although, I have contacted a few people in the last year with profile questions but I would like to get a peer evaluation with the new GMAT score.

My Profile:
Indian/Male/29 years
Undergrad: B.Tech in ECE from India (68%)

Masters: MS from US in Electrical Engineering (GPA: 3.72/4.0), Specialization was Satellite Communication, Worked as a Research Analyst and did a project for NASA (Masters Thesis topic as well), wrote and presented papers in conferences.

GMAT:
Attempt 1: 640 (Q47, V31) in August 2010, applied to 3 schools for their Round 2 deadline (LBS, Said and ISB) last year and got Dinged from all.
Attempt 2: 690 (Q50-93%, V34-68%) overall percentile 88%.

WE: 5+ years in Aerospace industry in US, designing GPS receivers for airplanes out of which around 3 years are of Technical Project Management. Have lead projects for major airplane manufacturers (Airbus, Boeing etc). No direct reportees but am responsible for projects (upto 10M $). Am also involved in bids and proposal work and have worked towards new business acquisition of approx 20-25M $ in sales (as a team member).

Post MBA goal Goal:
I want to get in Business development/marketing role in aerospace industry in europe/asia pacific. There is tremendous growth in Aerospace market in these regions.
On a longer term I want to grow in the Business Development role in these markets.

Extra Curr:
I stay in a small city in Mid-west where there is not much diversity around here. I have been working with the Diversity Employee network (Asian network) in a lead role (VP) and have organized cultural and business events to promote diversity in the company and in the community.
I also volunteer on and off in the community, one specific case was helping out local community during the Iowa Floods of 2008.
During Graduation, I worked with the Indian Student Association. Also volunteered on and off with the university to help out local community, one specific case was the recovery effort after major Florida hurricane in 2004.

QUESTIONS:

1) How are my chances at INSEAD Jan 2012 intake in round 2 ?
My Verbal percentile is 68% while INSEAD's recommended percentile is 70% for both sections. Anyone knows are they little flexible here ?

2)How are my chances at LBS (re-applicant), Kellogg, ISB(re-applicant) and IMD (round 4 for Jan 2012 session)

3)What schools would you consider competitive, Reach and Stretch.

4) Will retaking the GMAT a third time help improve my chances at top 10-15 schools ? I am sure the short answer is yes but will 20-30 point increase make a huge difference?