Folks, I graduated from Kellogg in 2008. Loved it, but in hindsight, would have also applied to HBS and Stanford. So, if you're still applying, I encourage you to do what I didn't. Don't let all the garbage around 700+GMATs influence how you pick schools. Again, I loved Kellogg - it's a great school, great people, etc, but having gone through the whole MBA process, my opinion is this: Go to the best school you possibly can. And when I say 'best school', I really mean 'best brand.'
From my experience post Kellogg, MBA brand is everything. The top 5 schools fall in one of three buckets. Bucket 1's name is "HBS." Bucket 2's name is "Stanford GBS", and Bucket 3's name is "the other top 5 schools" - i.e. Wharton/Kellogg/MIT. Let's call a spade a spade. HBS is in a league of its own. Stanford GSB is regarded as the second best business school - but it's not a close second, despite what most GSB-ers might say. Then after Stanford, you're splitting hairs with Wharton/Kellogg/MIT. I'm sure many of you disagree, but this is my unbiased, kellogg alumni perspective on sheer 'respect' the working world gives to these brands. Most MBA graduates from a top five school that work for a company with other top five MBAs will agree. Also, for all the folks that say, "yes, but if one wants to be an expert marketer, one should go to Kellogg," or "if one wants to work in private equity, one should go to Wharton."...you're all crazy. If you get in HBS, you go to HBS. If you don't and get in Stanford, you go there. If you don't get in either, but do get in Wharton/Kellogg/MIT, then you can play that "if" game.
So, apply to the best schools - even if your chances are slim. Like college - pick a 'safety,' then swing for the fences.
I applied to Kellogg, Haas, and Anderson, each R2. Picked these schools based on (1) how much I hated consulting and my ardent desire to get out, and (2) the best schools I felt confident I had a chance at. I was admitted to all three, scholarship offer to UCLA. My 'blockbuster' stats when I applied are below (kidding). I wanted to post this, since these threads influenced me when I applied, which I regret, and I never saw a post like this...which might have inspired me to apply to HBS/Stanford.
-Male, 26 years old
-3 years consulting experience (think Analysis Group, Navigant, LECG, NERA, Charles Rivers, etc). NOT the sheeshee McKinsey/Bain/BCG type.
-GMAT: 680 (Q49,V34) taken once
-GPA 3.7, BS #1 public university in US (#2 would disagree, ha)
-Decent EC, but nothing mind-blowing
Last comment: Essays are so important. Once you pass the bar with your stats (which isn't as high as these threads say - again, see mine above), then it comes down to weaving a compelling story of (a) where you've been, (b) where you wan to go, and (c) how that specific MBA program will get you there. Then you bake-in some stuff to illustrate what you'll bring to the table at the school (enriching the learning experience of others), and indirectly show that you're likely to be a big donor after (possibly by writing an essay that includes discussion of how committed you are to your undergrad school). This isn't rocket science, but people screw it up because they think stats are everything. I know a ton of people dinged at top 5 schools with 740+gmats, etc. You do too, just read these garbage threads.