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I would definitely say GMAT is important. But it is not end all be all. A very important portion are essays and recommendation letters. Everyone has 700+ these days and the only way to distinguish yourself is through essays and recos. I would suggest completting a first draft of your essays and giving it to your recommenders so that they understand and lend credibility to your story.
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I have found that the best way to write the essays is to just get started. Don't worry about what it sounds like or how it looks- just get some ideas down on paper that are more or less on topic. Once you have something to work with you can begin being critical of what you have written.
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Intern
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Thanks guys. I have come to realise that the only way to make your mark out there is through the essays. Lot of people score 700+. I think GMAT is the easiest of the whole process. I'm a bit nervous at this point because application process begins next month and I haven't got started yet. Thanks for suggesting the book.
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