I know a lot of students - especially those from non-English speaking countries, are struggling with the GMAT. As an Indian student who has gone through and come out the other end, I assure you, it's stressful, but not quite as big a deal as some people make it out to be. I've been going through US News and World Report's interviews with admissions advisors from top US schools, and would like to share. Maybe this will put things in perspective.

From an advisor at Columbia:

The GMAT is reviewed as one aspect of the applicant's academic profile. The Admissions Committee values academic performance and seeks candidates who demonstrate superior intellectual ability. There is no specific weight placed on the GMAT, undergraduate GPA or on any one piece of the application.

From somebody at the University of Chicago:

The GMAT and GPA are individual predictors of how well a student might do academically. Taken together, they are a fairly good predictor of academic success. At Booth, we will focus more on the transcript (rather than grades) to get a better picture of a candidate's academic ability.

From a rep at ASU WP Carey:

While both the GMAT and GPA are important components of an application, the admissions team at the W. P. Carey School of Business is looking for much more.

Notre Dame Mondoza:

GMAT, undergraduate GPA, and a strong transcript are good indicators of academic aptitude.

From a George Washington rep:

The George Washington University School of Business looks at all components of the application when determining whether a candidate is best suited for our M.B.A. program. The GMAT score, undergraduate GPA, work experience, and extracurricular activities are all considered when we make admission decisions.