I am happy to report that I have scored a 700 on my second attempt (My first was a 680 - Q45, V38).
While I am pleased with the overall result I am really bummed about my verbal score. I have never gotten a 34 on any practice test (GMAT prep). Anyways, I am done with the GMAT and am not planning to take it again.
Personally, I think the GMAT score and your performance depends a lot on what questions are thrown at you and from which bin. If I combine my best splits (Q50 and V38) I get a 720-730 and with my worse combination (Q 45, V 34 ) close to a 650-660.
I think that is a huge margin of error, but I will not complain as my second score was indeed higher than my first.
I want to thank each and every one of you at the GMAT club who has made taking the GMAT a fun experience ! I will keep hanging around and will keep people updated with my application experience.