Hi, I recently attended a seminar where a Q&A round was held with Mr. Ashish Bharadwaj, Regional Director (South Asia), GMAC. I asked him about the weightage of the IR section when it comes to evaluation of the GMAT score. He said that colleges will not really consider IR scores this year as they do not have any access to previous IR scores and benchmarks, etc. Therefore, if you plan to give GMAT this year, I would advise that you still invest enough time. However, in case of a time crunch, based on Mr. Bharadwaj's inputs, you could probably get away with not investing much time in IR.
Hope that helped.