Hi pele23,
To start, the structure of the GMAT has changed since you last took the Exam (both the Quant and Verbal sections are shorter (fewer questions and less time per section) and you now have choices in terms of the order in which you work through each section. The At-home/online version of the Exam is a little different though (the section order is "fixed" - Quant, then Verbal - with no break in-between, then an optional 5-minute break, then IR).
Since it's been so long since you last studied for the GMAT, I suggest that you take a practice CAT/mock sometime soon. You should be able to access 2 CATs for free (in the current format) at
www.mba.com (and they come with some additional practice materials). If you want to do a little studying first, so that you can re-familiarize yourself with the basic content and question types, then that's okay - but you shouldn't wait too long to take that initial CAT. That score will give us a good sense of your current strengths and weaknesses and will help provide a basis for comparison as you continue to study. A FULL CAT takes about 3.5 hours to complete, so make sure that you've set aside enough time to take it in one sitting. Once you have that Score, you should report back here and we can come up with a study plan.
I'd like to know a bit more about your timeline and goals:
1) When are you planning to apply to Business School and what Schools are you planning to apply to?
2) Going forward, how many hours do you think you can consistently study each week?
GMAT assassins aren't born, they're made,
Rich