Application essays for B-schools touch upon various facets of your personality as an applicant. B-schools use these as substitute for short-listing interviews to choose good candidates for the final telephonic interview. We can divide application essays into three categories:
The GMAT has been facing competition from the GRE for some time. Around 600 business schools accept the GRE scores. The less expensive revised GRE, introduced last year, has changed its gears a bit and moved from a heavily vocabulary-based Verbal section to one based more on reading comprehension and critical reasoning skills.
In other words the GRE has become more similar to the GMAT. The GMAT is gearing up for this challenge with the new Integrated Reasoning section.