I have the 3.5 GPA but have not taken the GRE (I am applying in July 2014).I wouldn't say that it is the most competitive, but it is competitive. Basically if you have >3.5/3.6 GPA in undergrad, >300 on the GRE, and decent LORs and observation hours you have a good chance. While that is certainly not easy to accomplish it is by no means impossible and I think most students could probably achieve those stats if they are dedicated and decide to put in the effort.
Oh yeah, you are definitley on point with all the information you have provided me. I understand that one has to have a competitive track record. Personally, I want to be a PT because I had an accident 4 years ago which resulted in a traumatic brain injury and I was in the hospital for 2 month and rehab for 6. Furthermore, I couldn't walk and my whole right side was nonfunctional (I couldn't even move my fingers at all). Fast forward 4 years and here I am running 3 miles per day six days a week, my cognitive ability has reached its apogee. Nonetheless, I just hope I do well on the GRE, but other than that my record should be good for the most part. And to answer your question, yes I am doing my observation hours currently at two locations (inpatient) which when I am done ill have 80 hours. But I will still try to get more, I have 6 or 7 months to go.In my experience GPA has the greatest impact on the application, so you already have that going for you. Your GPA is competitive for a good number of schools so if you do well on the rest of your application and can interview well I would say you are a competitive applicant.
Make sure to study for the GRE before you take it (also make sure you take it early enough that if you do not receive the score you were hoping for, you have time to retake). While the actual material you study is unlikely to be on the test it will pay off by showing you how the GRE tests (specifically what traps to look for and how the writers of the test expect you to interpret vague questions). Studying will also help you with the timing which is one of the hardest parts of the test (there is often the case where you could figure out the answer if you had some time to trial and error or to simply think for a second, however you will have very limited time and it is likely that using those kind of strategies will cause you to run out before getting through all the questions).
Out of curiosity, Have you started observation hours?
(I would also like to mention that in my previous post I do not mean to imply that individuals with lower stats have not put in the effort as a whole. In my experience I have found that when an individual has lower stats it is usually because they were not as dedicated to their studies earlier in undergrad and by the time they realize the error in their ways and become a much better student it is too late. I think that if many individuals put in the same effort in the beginning of their undergrad as they do in the end the average GPA would be even higher. So when I say "put in the effort" I really mean put in the effort from the beginning instead of waiting until it is too late.)