To some extend, GMAT / GRE scores are nothing more than formalities.
Stanford clearly states on it's admission website that the adcom will NOT look at your GRE score, however, you have to submit your score ! GMAT is just another standardized test like GRE and it depends on the school if they want to admit someone with a crappy WE/GPA and 780 on GMAT.
IMO, scores like GMAT/GRE are instrumental when it comes to scholarships etc. Some schools even offer slightly better scholarship packages to ppl with higher GMAT scores because, at the end of the day when the ranking and other info is released, high GMAT scores help push the average GMAT score higher. Plus, if there are 2 identical applicants for one spot, it might boil down to the GMAT score.
Enough said, all you interns, go back to the OGs !!!!!