I think everyone made a lot of good points in regards to the original post. I thought I would share my experience, hopefully it is helpful.
In my case, my verbal score was considerably low (520) in comparison to other applicants at the schools to which I applied. In contrast, my quantitative (690) and psychology (750) scores were in the competitive range. I had a BA and MS with a strong GPA, several years of clinical experience (approximately 4), several years of research experience (approximately 5), six posters, three publications, and solid letters of recommendation.
From my perspective, I thought I would be competitive despite having a low verbal score. Unfortunately, this was not the case. I struggled mightily to get to interviews. The feedback I received from my advisers, trusted professors, and the admissions committees I contacted was that my score on the verbal sub-test was an incredibly large obstacle. Essentially, it prevented me from making the cut for interviews, as many of the applicants in my year had very similar strengths, save they had much higher verbal scores (650+).
I do not believe that my psychology subject test did me any favors. In fact, many schools do not even require it. While it certainly did not hurt me, the verbal sub-test was what did me in. Part of my reasoning for pursuing a MS in the first place was that I have not performed that well on standardized tests of verbal aptitude. For example, I ran into the same problem with the SATs: Verbal 500 and Math 700. My verbal score got in my way when applying to colleges, amongst some other important factors (i.e., finances, distance from home, family). By attending an MS program, I thought I could address my weakness and display the ability to complete graduate level work.
While I gained acceptance to a program in the end and I am now on my way to internship, that one stupid test score was probably the largest obstacle I faced as a professional. This is quite sad and it still frustrates me. My suggestion to anyone, when it comes to standardized tests, is to do your best to address the weaker subject areas on the general test and worry less about the subject test. Studying for that test is much easier than for the general tests. If you are not in the competitive range in those domains, as far as the schools you are applying to, it will be more an impediment than the subject test.