700 is a threshold in GMAT. The adcom will typically view the scores this way: Level 1: 750+ (excellent) Level 2: 700-750 (very good) Level 3: 680-700 (good) Level 4: 680- (not so good)
Although top schools typically have 700 as the unofficial cut-off line, top 25 percentile work experience and letters of recommendation could make up 20 points in GMAT. That being said, scores below 680 are viewed very negatively.