The first thing you should know: take your GRE about 1 ½ to 2 months before your earliest important deadline. It is going to take approximately that much time for your score reports to reach the universities you have chosen as score recipients (i.e. the universities you chose to send your score reports to). Here’s what the ETS says:
The GMAT has been facing competition from the GRE for some time. Around 600 business schools accept the GRE scores. The less expensive revised GRE, introduced last year, has changed its gears a bit and moved from a heavily vocabulary-based Verbal section to one based more on reading comprehension and critical reasoning skills.
In other words the GRE has become more similar to the GMAT. The GMAT is gearing up for this challenge with the new Integrated Reasoning section.