Dear Sleepy,
While some schools have started to accept the GRE in lieu of the GMAT, I am still in the GMAT camp. These tests are significantly different and thus it makes it difficult to have a common point of comparison for academic aptitude if all applicants do not take the same standardized test. Also, I think many admissions committee members are still biased towards the GMAT. If I were you, I would try to determine if a school has a preference--do some research, talk to students/alumni/admissions people, etc. It is possible you will pick up on something in your conversations that point you in one direction over the other. If not, then I guess you have to decide if you are only going to apply to schools taking the GRE or if you want to take the GMAT and have the flexibility to apply to any MBA program.
Good luck,
Lisa
