I hate the GRE... it's such a stupid measure of absolutey *nothing*.
I mean, the math is what... algebra and extremely basic geometry. I could've scored an 800 in 6th or 7th grade. It's EASIER than the SAT math... which is already beyond trivial! My biggest worry was making a careless mistake on one of the easy problems, thereby fvcking myself over on their difficulty-based decision-tree scoring thing.
The verbal on the other hand, is just insane. I consider myself to be reasonably well-read (esp for an engineering major!), and there are just SO many words that I've never seen before. Words that I will (probably) only encounter once in my life: on the GRE. I really don't see what the verbal section is testing--my ability to memorize words? Because that's what I did. Worst part is it barely helped me because even on the GRE, there are GRE-common (not that bad) and GRE-obscure (never heard of any of these) words. If your obscure basis doesn't span your GRE's test space (har har), you lose. I mean I can kind of see using sentence completion/analogies to test your grasp of the English language & your analytical thinking (analogies). I can see reading comprehension there to make sure you can read correctly. But I do not see how requiring a bunch of obscure vocabulary helps with anything.
Lastly, let me gripe about the writing part... that's probably the most reasonable section of the entire GRE exam, but still. Too bad both writing sections are incredibly formulaic, meaning that so long as you can apply grammar correctly and can come up with some BS (45min section) or poke holes in an obviously crappy argument (30min section), you win. But I mean honestly, most people (who are applying to grad school) can figure out the logical fallacies in the 30min prompt... like claiming that a sample size of 2 generalizes to a whole population, or something similar... so that's not hard. The 45min section can be annoying since you often just don't give a shit about the prompt--really puts the "invent some BS fast!" skills to the test.
Anyway, I took it in August of this year, and thank GOD that bull is over. NO MORE STANDARDIZED EXAMS EVER!!!!!! (Eh, except for quals.

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Edit: Oh yeah, for grad school, the GRE really isn't THAT important. It is more of an elimination tool than anything. For example, if I apply to Harvard math with a 500Q score, they'd probably reject me outright. V & W are more to check that you know English at a reasonable level. Having a good GPA, research experience, and otherwise demonstrating a strong interest in learning/research/grad school-ish things are much more important. (Oh, and high quality recommendations are big boosters too.)
Edit2: Given the difficulty of the vocabulary in the V section, I think the GRE folks should definitely throw some real math on the exam. If the engineering majors need to know some fancy (never to be used again) words, then the humanities folks should be able to AT LEAST do calculus & differential equations... not to mention trig! Because those topics would be about as useful to a reporter as fancy vocab is to me.