The most difficult aspect of CAT is that it is an exam which can block ur way from getting into any of the IIMs, unlike GMAT, where a score is just one of the many things that a B-School looks at. Even a 97+ percentile with a good academics might not be enough for a person to make it into the IIMs, even though he/she might have a knack for management just because while he/she was coming for the CAT, the auto wallah decided to crash into a scooter and he/she had to see a brawl which upset him a little, just so that he/she could not attempt 2 questions, which he/she could have and thus ended up at 97 percentile. It all boils down to those two hours. Whatever u have done in your whole life is not taken into account.
I believe, like GMAT, the score should be just one of the things and the students should get an option of applying to the B-schools rather than getting calls from them based on the CAT scores.