Just for clarification, Stanford was 730 for the Class of 2010, and Wharton was up to 715. HBS has not released any #s, but I would presume it is somewhere between those 2.
I agree with your overall message jallen. The fact that you have a 760 or a 780 is not going to allow the admissions committee to overlook things like shoddy work experience/poor undergrad performance/unclear career goals. They'll take the 700 or 710 who has everything else lined up properly. The GMAT is not as important as people make it out to be.
There are many people who lurk on these forums and do not ever post their scores, profiles, admits and dings. Sure you see many people that have 750+ and are accepted to the top schools, but what is the average GMAT score at those schools? Stanford is the highest with 721. HBS has about 713 or so. If what you say is true that you need a 750+ GMAT score, then the averages would be way up there. Clearly, people with scores in the 600s are accepted to these top schools. You have to realize that if you take those that post their scores as a whole, this is a purely self-selecting group and will naturally be higher than those that think they have no shot with a 660 but are admitted. They're not going to want to post their admit because they don't want to get responses saying "What? I have a 730 and I got dinged w/o interview! What's so special about you?" They'll just go about their business, move to Boston and enjoy HBS.
AlbertNTN
Hi jallenmorris, thanks for sharing thoughts. Sorry if i make a bad feeling abt the GMAT score comment. 'though i know it is just one piece of the applications, that is my own thinking after browsing thru profiles of those got interviews or admitted into those ultra-elite, what i normal see is 750++, which i 'd love to have to compensate for non-stellar leadership exp. I don't mean to irritate anyone, deeply regret if it is so.