I think there is a general misconception as to what the GMAT is used for by the Adcom. The GMAT and GPA scores are just a bar - if you pass it with flying colors, that means you will probably be able to do well academically in an MBA program. It doesn't show if you will be a good leader, a well rounded person, or in any other way different from the rest of the people who scored well. The essays, your background, and the diversity you will add to the class are used to define the rest of the picture.
If you look at a school like HBS - out of the 9000 applicants they have seats for only 900. Out of those 9000 I assume around half have a score over 700 and out of those 4500 over a thousand have a "really" high gmat scores. There are plenty of competitive applicants out there and many of the admitted ones have strengths in all or almost all of their admissions criteria, not just GMAT. The school will always pick the strongest candidates they can get. If you have a strong GMAT look at it as criteria #3 and focus on the remaining 10 requirements - they can ding us on either one of those.