I'm going to be a bit controversial here... although I think the "700 Club" thing is cool and all, I think it also may send out a couple of unintended messages:
1) If you're not capable of or aiming for a 700+ on the exam, then this website doesn't have a place for you. Given that only about 5-10 b-schools in the world have GMAT averages above 700, I think this is the wrong message. I think this site should focus on helping each candidate maximize his/her potential within the framework of his/her goals and abilities.
2) It psyches people out. There are several recent examples (two within last 24 hrs) of people "bombing" the GMAT. I'm not saying that the trophy thing was solely responsible, but it's just unnecessary to make people focus on the 700+ thing.
Don't get me wrong, the whole trophy thing is cool and all, and I think it was well designed and conceived, but I also think some of these other issues should be examined...
Marcus