well i dont think any school would reject me on account of my current GMAT. Retaking has been no easy decision. let me first say that.
Im taking it for these reasons:
1) No harm in trying, I felt i could have done better (there are no opportunity costs; i have ramped up my efforts in other areas as well, there are no essay questions right now to work on either)
2) Consulting companies do ask for your gmat upon graduating. If able to get a 750, I think this would give me an advantage over having a 710
3) GPA, I have lower GPA than most, so, I feel extra emphasis would be placed on my GMAT score. An average score for top schools, 50 perentile, and grades around the 20 percentile, are not as good as a gmat at the 80 percentile. is the difference between rejection/acceptance? Probably not. But nothing is. But once you had a better score, with better service, more work experience, etc. all of it adding up could.
4) We know the average GMATS from two years ago, but not this upcoming cycle. The trend is GMAT's are increasing, and more applicants are expected this year than ever. Every possible advantage I can create for myself, no matter the scope, should be explored. A higher GMAT is of course one, so long as its not at the expense of more important things (which it has not been).
All that said, I think is an individual decision to retake, and every person's application is absolutely unique. I think there are alot of things that must be weighed in retaking it. Like i said, i could retake and get a 680, and I will not consider it a mistake if i did, because i didnt not do something else i would have done if i didn't study for retaking it.
Always try to do your best. And if you dont think you did your best on something. I find no harm, ever, then giving it a second shot. No matter how well you did before.