Just throwing in a personal anecdote...
A [pretty good] university I applied to, insisted on a band 7 for every element. I missed one element and got 6.5 instead, though my overall score was 7.5. They didn't seem to care or mention it when they gave me my offer...
But yeah, it would be much safer if you retook it. Myself, I was going for the "wait and see" approach; if they asked me to retake it, I'd have done it, as the IELTS requirement would only have formed part of my conditional offer and would have no effect on whether I received an offer or not.
EDIT: I applied for Law, by the way.
This post has been edited by Glassy: Jan 7 2008, 08:54 AM
Should I retake IELTS?, I've ogt band 6 overall