Dear Rich,
You're very kind!!

I have a 700/(Q49,V36) which may appear as an outstanding score to you but it's not. I belong to the shark-pool of applicants - Indian Male working in IT (with many years in Industry). No one I know has scored less than 690 and I do know a lot of people. So if I appear again and I don't get a score that I want I'd simply cancel the score/exam. I know couple of friends who have cancelled their score at 680 and 690 respectively and appeared again.
Regarding my exam - I took my GMAT 3 years back and did not study properly at that time. I did not solve OG properly and my verbal sucks(still does, sadly!). So 700 may be a good score it's not enough. Also just because 700 is ok does not mean I should stick to 700 but rather give my best and get a score I am happy with and believe represents my capabilities. 700 may be an outstanding score but so is 790..

I was also working with a admissions consultant and he strongly advised (he even deferred my application) - to get a better score before applying. If I had known that earlier I'd not have wasted my time/money on my applications which got rejected.
Finally, to answer your questions :
1) What Business Schools are you planning to apply to?
I have been applying to different B-schools including Columbia and Booth for last 2 years but could not convert (I have applied to these two only once)

- it may be because of other facets of the application and not just GMAT but I'd never know that. :D Of course, I am not applying to Harvard/Stanford/Wharton.

I have quite a lot of workload so studying time is very rare these days.
2) When are you planning to apply?
The moment I have a good score, i.e. a score I am happy with I'd apply. If it does not work in that cycle/year then I'd apply in next. Yes, I am that desperate!

Regards,
RS