I disagree that there is a huge difference between a 680 and a 700. I think that if you are 100% sure that you are applying for school this year and have a thought that dedicating more time to GMAT studying will compromise your essay preparation, you should definitely dedicate more time to your essays.
You could get the best of both worlds by giving yourself 2 months to study (September + October), and apply to your schools in Round 2. No need to be afraid of applying in Round 2.
Remember - you may not score higher the next time you take it. And wouldn't that be a downer?
Good luck!
- Kaneisha
Kaneisha Grayson, Harvard MBA + MPA '10
Founder, The Art of Applying®: get into the graduate school of your dreams and get money to pay for it
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