From what my professors have told me, breaking 700 (I guess that would be ~ 166 on the revised?) on verbal will make you competitive for most programs, and math only becomes important when applying to top tier programs. I'm guessing that's because most people applying to those programs are already in the top 2-3% in verbal, and a higher math score is a way to gain an edge on other applicants.
But theologian2011 is right. I think it depends, not only only the school, but on the particular committee member evaluating your application. Some give the GRE a lot of weigt, some don't. One professor told me that his colleague has made the argument that the GRE math score is an important idicator of aptitude for learning languages. Now, the professor who told me this thought it was silly, but it lets you know what some people are thinking when they're looking at your application.