aviroop, you put me to shame
I was proud of myself for a sudden realization (with the help of an entrepreneur muse friend of mine) of how to write my intro and conclusion paragraphs for my goals essay for Haas. Right now it's like hot Biryani, tasty and great... we'll see how bad it smells tomorrow. The rest of the essays are in outline form, though I'm already at 1800+ words for a 1000 word essay!!! In OUTLINE form! I guess that's better than not having things to say. Elements of Style, here I come!
So yeah, I don't think I'll go through that many drafts. Be warned not to revise it too much, lest it appears like Michael Jackson and you scare the adcom people away...

I'll probably do draft 1, revise it to make draft 2, and then show it to people (like rhyme, my MBA friends, etc...), and based on the feedback do draft 3 and 4, do a second round of reviews, and complete with draft 5 and 6...