Great points river...I agree with the last piece of your argument too- I myself am thinking about retaking the GMAT with a 720.
Also, I think the average scores will tend to get higher as the GMAT becomes a more global examination. For ex, ISB, one of the top schools in India which was established only a few years back, uses GMAT scores. This requires Indians who plan to apply to ISB, to give the GMAT, who might not have given the test a few years back.
I think I see a slight change in the GMAT pattern coming in a few years-making it a little more difficult to get such high scores.
riverripper
It does make sense that they would try to do this to the test since if you look at stats the scores are increasing. A 750 used to be 99% and now its 98%. The further you go down it can be even more pronounced. The test will lose its purpose if everyone is getting 700+ and they probably want to maintain the mean and median about where they have traditionally been. So if suddenly the mean is a 600 then they are going to have to make the test more difficult to bring it back down to where it needs to be.
Personally I do think that I saw more difficult questions than many in the end of the OG sections. Also the old paper tests were a cake walk compared to the CATs. In the paper tests I practiced I got 770-790 on most while I got a 740 on the real test and I definitely had more difficult quesitons on the real CAT test. Having the test get harder is good though since it keeps the value of a 700+ score. In ten years imagine how it would feel to think you would have to have a 770 to apply to any top 10 school, much like everyone feels a 700 is a requirement now Hell, thats how half the Indian applicants already feel and look at the pressure some of them put on themselves to retake following a 730.