About the tycoons not caring about your GMAT, when I was in grad school Barclays came and gave a test before they would take your resume, and to take the test you needed at least a 720 GMAT.
Interesting jwall. I have heard those types of things too. I think it is only for the first job after bschool though. Can't imagien a senior consultant from BCG being asked about a GMAT score if interviewed by McKinsey.