Letter of rec is very important. Let me ask you this... if you were an admissions committee member, what would you think is more important for someone who has been out of school for 7 years. A letter from a college professor or a letter for someone who has worked with the person recently?

When you take the GMAT you'll be able to specific which schools you want your score to go to. Just do that then...

Please also answer all my queries...

I don't know what you mean by the format of the letter... when you're doing your applications you'll submit their email addresses into the the system and they'll be emailed a login with which they use to answer all of the questions they need to about you. It's not a letter from them to the school

gtmcdonald wrote:I have heard countless times that Letter of Rec from professional experience is more important that school rec's based on how you are performing "most recently"

I agree.
Not only are professional contacts usually more recent, you usually also have a more intense interaction with your boss/co-worker, which means they can evaluate you better.

For example, I only have 4 years of work exp (at the beginning of my studies) and submitted 2 professional references.

Recommendation letters are vital part of your application process when planning to study abroad. For an MBA application you would not submit college recommendations - instead you would submit work recommendation letters which play an equally important role in highlighting you and your skills as a working professional.

The format of the letter is very important. Most top schools have defined questions and their own format. So, while applying to these universities you cannot use the generic format letter.
Your GMAT scores usually take a week or two and sometimes may take up to 20 days.
You need not resend the GMAT score if you have already requested your GMAT scores to be sent to selected schools. At the time of applying you will need to self report the score on your application.

Thanks,
Kavita Singh,
FutureWorks Consulting

You could easily find an MBA letter of rec format on google. I did this then sent it out to my references and they conformed to it.

Acedemic reference letters are only to be used if you have very little work experience (like, less than 2 years). Great letters of rec really help your cause and can sometimes make up for a few points on the GMAT. Getting into bschool is kind of like getting a new job... you typically need good references.