At a later stage, I plan on writing a more detailed review on my GMAT journey, but appreciate the readers insight on some of my below questions.
First Attempt on November 18, 2013 610 (65 %) Q 47 (70 %)
V 27 (45 %)
IR 4 (37 %)
AWA 5 (60 %)
Second Attempt on February 26, 2014 720 (94 %) Q 49 (81 %)
V 40 (90 %)
IR 4 (37 %)
AWA - Waiting for the official score report, but confidant of atleast 5
Brief personal profile:1. 37 year old
2. Indian citizen
3. Graduated with a Bachelors of Technology in Mechanical Engineering from India with First class in Distinction
4. Graduated with a Masters in Computing & IT from Australia with a grade equivalent of grade 'A'
5. 12 years of experience in IT (2 years in Australia and 10 years in US of which 6 years in a lead position)
Appreciate your insight on the below:I understand a lot of criteria are considered by admissions committee in addition to GMAT scores, but appreciate your insight on my questions. I am targeting top 10 schools and will be happy if I can get admitted to Wharton, I don't have to relocate

Now my questions:
1. My score is 4 on IR in both my attempts. How significant is IR score for fall 2014 and for fall 2015 admissions? Should I go for another attempt?2. Wharton, Booth, and Kellogg's have 3rd round application deadlines in last week of March or first week of April for Fall 2014.
Is it wise to apply in the 3rd round with my profile?
If I submit in the 3rd round and get rejected, will the rejection have an impact on my future submissions to that particular school?3. How competitive is my profile for Wharton?Thanks a lot!