dude..althought what u say is true upto a certain extent ...a mugging up of word lists is mandatory if u want to make it to the IIMs..coz who knows there might be 2-3 outright vocab Q's potentially gicing u 3 marks in 5 secs which just might prove to be the difference between 6 calls and 6 rejections.. If u dare to dream of IIM-A..leave no stone unturned ..MUG UP THE WORDLIST