zmfatla,
I'm applying this year so I'm not sure how it will be viewed. But, 2 of the 5 schools I'm applying to let you self report only your highest score (or 2 scores) so they won't be an issue at all. The other 3 all claim to look at only your highest score, though they ask for the score report so they will see all of them. I talked to an adcom at one of the schools and he was adamant that they only consider the high score you report on your application. I get the impression that at a lot of schools all they do is have a student or some other low ranking member of the admissions office go through and verify that the score listed on your application is also on your score report and that's it. Then the adcom views your file and sees the score on your app. Of course, if they want to they can pull your official score and look at your history but that would be a personal decision of the person reviewing your file. My guess is that since adcom supposedly only spends an average of 10 minutes reviewing your entire file, they will be much more focused on essays, recs and transcripts than spending the time to go through your score history.
Lastly, I read about a panel held by
Manhattan GMAT where the head adcoms at Harvard, Chicago and a couple other M7s were asked if they will somewhat discount a GMAT score for multiple attempts. All but one said they don't discount the score at all unless you have taken the test 5 times. The other school said they don't care at all how many times you take it.
So, I really don't think its going to be much of an issue. If I get unlucky, maybe an adcom at one of the 3 schools I'm sending an official score report too will look at my history and discount my score somewhat. But, at the end of the day I would much rather have a high score of 740 and 4 attempts than a high score of 650 and 3 attempts. Your high score is MUCH MUCH more important than your number of attempts. I think the same applies to you. If you can crack 700, I think a high score of 700+ with 4 attempts will put you in a much better position than a high of 650 after 3 attempts. You will have proven you have the mental aptitude to crack 700. Plus, at 650 they have to lower their average GMAT to accept you but at 700 they don't. Also, if your highest score is your most recent score it proves that you were not foolish to take the test again and you were correct in assuming that you could raise your score. I think the bigger problem for the adcom is someone that takes the test 4 times and never improves their score. Than you look like you lack self awareness and the ability to prioritize.
Edit: It looks like Tuck is one of your schools (I'm applying there also). They let you self report your 2 highest scores. So they will not even see your score history before deciding whether to admit you.