I agree that the GRE shouldn't be weighted that much, and at many schools it's not. I say that however, with a caveat, because many schools and programs have cutoffs for what they expect a student's score to be. Once you score above that then they look at the more important parts of your application, like your letters and your statement(s). I've read where schools sometimes look at your GRE scores in determining fellowship awards, but I'm not 100% sure of that. Keep in mind also, that there are a very few programs that don't look at the GRE at all, like MIT in Computer Science.