^^^ 2nded.
..only took the cream of the crop. High GPAs were a must, relevant work experience a must, extracurricular activities impressive on top of that.
Some people are looking at this from a really limited perspective. You have to get over the assumption that you must apply to get a job offer. In general, the better the job, the better off you'll be finding an alternate way to get to the decision makers (whether that's an HR person or some kind of director/VP).
I'm not talking about creative interviews, I'm talking about going around the resume stack completely. The "stack" is for suckers, and there are only a few cases where I've ever just submitted my resume.
I've gotten great offers at consulting firms, investment firms, and major exchanges, but I've never once submitted a resume or cover letter to one. I went through a brief period where I decided I wanted a good job in finance, despite the GPA trashing I had done earlier, and oddly enough, it seemed easier than the hoops a lot of my friends had jumped through with several rounds of interviews and events.
Instead of sending over a resume, I made friends with people, got to know them in odd places (the internet makes this insanely simple), and generally used detective skills to make sure I never had to stand among the herd - because, as you guys said, a Harvard degree with great references and a 4.0 is not that uncommon in certain circles. Even if that's you, why risk blending in with all the others?
You can't wait on a chance to shine in an interview. I got to know one hiring manager through his grandmother, a polka enthusiast - and another through Everquest. In one case, an HR employee was trying to nail me down for a job I was starting to decide I didn't want, so I told him, "You know my GPA, right?" He laughed and told me that only matters if you end up in the stack on his desk.
If you're committed to doing things like everyone else - resumes, cover letters, and interviews - then yes, GPA will matter a little more.
If you use your head and a bit of basic human psychology, though, you can find tons of people who will happily fight to bring you on staff, so long as you seem like a bright, motivated person.