I was ruminating over my score and thinking a lot about it. I have a score of 49 in quants( which is, as some one else posted, a blow to my profession!). However, after much thought, here are the reasons I believe that we should not worry too much about the scores. I take consolation from some examples -
1. A friend of mine who had only 640 got into ISB.
2. Another friend of mine with only 680 got into Kellogg.
Another "revealer" -
I had a score of 2280 out of 2400 in GRE. A Score good enough for most of the good universities. I got ONLY 1 Admit (From NCSU). What does this tell us? That the Essays are the the MOST FRIGGIN IMPORTANT. I hate writing essays. But I have learnt it the hard way that they are VERY IMPORTANT. Much more than your GMAT score. I think maintaining a diary and writing down essay ideas helps. They strike you when you are LEAST expecting it.
Also, we write off a lot of events as not "worth" mentioning, and we think that since we are not "Phoolan Devi", we do not have a"story" - But when I looked at most of the essays at MBAInsider, they are all normal people with an extraordinary way to "sell" themselves.
I will post more. Also, an important tip I got straight from the Horse's mouth - a Kellogg alumnus . Check out http://www.vault.com/
This site has some good info you can incorporate into your essays.