Elite, in this sense, meaning top 10 (roughly speaking).

GMAT: 730 (Q 48, V 41)
Undergrad: University of Michigan
GPA: 3.0 Base; Double Majored in Econ and Poli Sci with a 3.3 in each (foreign language requirement killed my base GPA...all Cs)
Work Experience: 1.5 Years

Work Specifics: Don't want to get too detailed, but since I graduated, I've been working for a tech startup. We have about 30 employees (I was in the original 10) and we've raised a round of financing from a major VC firm. I'm not one of the owners, but I manage a division of the company (6 people under me). I work very long hours, and do all sorts of crazy stuff that I can fill essays with.

I also worked full time while getting my undergrad degree (was a floor manager at a restaurant..in charge of a staff of about 15), supported myself, and graduated debt free. I also started a small company while I was a junior in college, and sold my stake to my partner after graduation (company still exists and is profitable).

Frankly, if I can't get into an elite program, I'm not interested in getting the MBA. I want the connections an elite MBA offers, and if I can't get that, I'll continue to take my chances in the startup world. I know my GPA and length of work experience could get in the way, but I think I have a unique story.

What do you guys think?

First, great GMAT, you're in position to get into a Top 15 school. The 3.0 GPA may be a bit low, but you did go to a Public Ivy which helps your case.

Like the poster above me wrote, despite all this, you're probably not in optimal position to get into a top 15 school for 2012, but you may be for 2013. Just keep working hard at your company and that could help you down the road. Don't worry about taking the GMAT again (even with Integrated Reasoning coming up), because you already killed it the first try!