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I think there is undue weight given to the GRE Subject Test. Most Departments have a culture where everything else is seen as subjective. To be sure, recommendations are probably more important but as it works out its very hard to distinguish w/ them because everyone has good recommendations.
Remember it is compulsory for the committee to rank applicants. Since almost everyone has a GPA in excess of 3.7 and great recommendations it usually comes down to the Math GRE. ETS is a pure monopoly due to network effects. They should at least hold the test more often so that one day's bad luck doesn't cost us one year.
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