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Conflicted. Should I retake the exam to make the components more balanced? Or should I put this behind me and move on to my essays. I know I can bump up the score. Plan on applying to the ultra-elites.
is 37 on verbal 80th percentile or better? If so, I think you are ok. I have heard that minimum 80th percentile on both is what is important, and overall your 710 is a solid score.
V-37 is 83%. More than anything else I am a little concerned about not showing the magic '4X' on verbal and that the relative imbalance could lead the adcoms to think that my verbal is subpar.
They have other means to judge your verbal skills. I would think that the essays and the interview will give them a better indication of your verbal/language skills than the GMAT score.
My $0.02:
The decision to re-take depends on your background. If you are an Indian-IT guy or an IB-er, retake. If you are a teacher, poet, musician or something like that, don't bother.
Ctzen, no need to take it again. 710 is a very good score and should get you into the school of your choice. Taking it again is not going to improve it much, maybe 720 or so. As others mentioned, focus on your admission, essays, interviews that will get you into the school of your choice.
Time well spent.