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There are many benefits to timing your practice, including:
I checked out the Wharton EMBA program a while back. The admissions director told me that while a 700+ GMAT is a nice to have, the critical aspects of the application are
1. Quality of work experience evidenced through resume and supporting recommendations.
2. Employer sponsorship - If you can get your employer to fork out some money or sign a sponsorship form, it provides incredible strength to your candidacy.
and based on my interaction with EMBA students, there are 2 other factors that play a huge role.
1. Brand name of the employer
2. Fanciness of your job title