Oh please Venky, come on.
If really the 10% over the wordcount mean you suddenly develop a whole etheral sense beyond the body of your main essay, you need to get some lessons in how to write.
I think word counts and working to word counts is a good method to cutting the crap out of an essay. Reviewing an essay to a limit should make the whole thing sharper.
Noone is going to ding you because an essay is too long. Noone is going to ding you because they have their fill of your background. Noone is going to ding you because your original study isn't up to scratch.
It is all about making an impression. For me, I find working strictly to a word count results in my essays being punchier. Word count is a part of my editing process - most of the time I can cut 10% from my standard text. If I want then, I can add more. What is always true is that after that cut it reads better.
If you feel you have so much to say, by all means post them a leather bound "Why do I need an MBA?" book. For every adcom that thinks it is salad, one will think you are working outside the box, leveraging your skillset in a manifestation that no other candidate considers.
It is all gravy.