My score is lower - 700, and I did terrible on verbal (Q50, V34). The colleges I am applying to have average GMAT between 700 and 720, so I do feel the need to retake, but since I am applying for 07 pool, I think I am going to go through the essays and recommendation and application packet first, and them think of retaking, since 700 is a decent score IMHO.
I definitely think I could improve on SC and retake and score higher, atleast another 30 points or so (assuming I do just as well on quantitative). Having said that, I have a very good GPA from a very good undergrad college, and I have a "story" to remove doubts about my poor English, that I intend to portray in my essays.
Your descision whether to retake GMAT must depend on these factors:
1) What is the average GMAT for the colleges you are applying for? If you are lower than the average AND your GPA and other statistics stand lower than the average, consider retaking (otherwise 710 is good if you are at par on other stuff).
2) How much time do you have on hand? If you are applying for Fall'07, then you are very close to round-2 deadlines - work on your essays first.
3) Finally, if you feel fairly confident that retaking that GMAT will help you improve the scores and help you get higher than the averages for all or most colleges you intend to apply to, then consider retaking the gmat.
Hope this helps.