A maximum of 800 marks is possible in GMAT and its an achievable feat and a few students have got there. As per information released by GMAC, the average GMAT score is 540.
Highest GMAT Score ever recorded
The highest GMAT score ever recorded averages are in the range of 729 in the year 2013 by Stanford. Most of the high end business schools have an average in the 720s. It is very common for high number of students to cross the 700 barrier in GMAT.
The competition is more intense than it was a decade ago when a 600 score would have been considered as excellent and though even today a score of 600 is considered good it will probably not help as much as a score over 700 will.
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In the end however, GMAT top scores are just an indication for the business schools and they will consider the applicants career profile and achievements also in addition to the test scores.