I was at an admissions forum yesterday with reps from Wharton, Stanford, Kellogg , HBS and MIT sloan. The feeling I got was they look at the whole package. The GMAT is a factor that can "not" get you in if its low(this being relative). On the other hand, Not the only factor that gets you in.I know a guy with a perfect score who got interviews from Columbia and Chicago but did not get in!
If you could build a case for how your Grad program was challenging and how you grew as a person during your Grad program, then the Grad program is def a plus. At the end of the day, it seems to me like they want to see how you perceived it ...rather than what it actually is.