I know that everyone shoots for a score of 700 or higher, but I think that people need to just accept that not everyone gets a 700. In fact, a score of 700 is in the 93rd percentile. That means that only 7% of the people that take the GMAT get a 700. Don't feel bad if you're not one of them. Getting a 650 is still in the 85th percentile. If you can say that you're in the top 15% of something in the world, isn't that a pretty good showing? Just do your best on the exam, and before you look at your score, ask yourself if you did the best you can. Did you feel good taking the test, was your pacing good, did you remember all of the tricks you picked up while you studied? If you feel that you did the best you can, then just hope for the best when you wait for your score to pop up on the screen. Whether it's a 650 or a 750, be happy that you performed at your best level and concentrate on putting together a strong application. A great GMAT doesn't guarantee anything. My friend got dinged from all of his schools last year with a 770.
When I took the GMAT the first time, I didn't feel good about my performance. Before I looked at my score, I knew that I could do better because my timing was off on the math and I rushed through some things. I told myself that I would accept a 700, but if I was below 700 I would re-take it because I did not feel good during the exam. I ended up below 700 so I retook it a month later and broke the magic 700 barrier.