Well I applied to 6 schools- got 2 admits. (W/Ch/Col/K - Ding and Ross/Duke admits).
I had read a bunch of essays from fellow applicants and in fact two of my good friends had VERY similar profiles- UG from IIT/MS in the US/same GMAT/same industry function etc.
One guy got admitted to K and GSB (1) and another to K (2)- I think the difference their apps and mine were:
1. (1) had very personal essays. I believe my essays were good, solid and well written but were sort of "bland". They were too convervative. (1)'s essays were more showed more about himself and he did take experiment a bit with his style. I might have tried too much to stick to the format prescribed in all the essay books- montauk/bodine
2. Having a bunch of applicants with VERY similar backgrounds in a niche field, the stats/profile becomes more important. (1) and (2) had solid UG and MS GPA's and even career progression. My slightly better (I think) EC's could not overcome my weak GPA and so-so career progression.
3. (1) also took it a level higher- he submitted 3 recos. I think it is a risk but again- he did take it and it worked out perfectly. I definitely think that the third reco in his case added a completely different dimension to his profile that would have otherwise been difficult/impossible to bring out.
All my dings were in R2 and my admits in R1 but I dont think when you apply matters as much if you come from a common demographic- atleast that was my take on it last year. A lot of Indians were WL at GSB R1 last yr and then either admitted/dinged in R2.
In summary- try to think beyond what the books recommend. Show more passion/personal side in your essays. Dont be scared to take risks- atleast in your reach schools.