My 2p on this topic.. I agree on the point that when talking about work-ex number of years do not matter but what you did during those years matter. But (there is always a but

) one needs to also think from the Ad-Com perspective. For them you are a commodity, a raw material that they gonna process and sell in the market. And market wants managers who can be effective from the day one. A person with experience of about 2 years may have the potential but the market doesn't have the patience to groom/teach a person when it is paying that person a hefty pay package.
If you go through last years admit thread, there is a girl who had just 2 yrs or slightly less than 2 and had applied. The Ad-com liked her profile so much that they offered her admission for 2009-10 batch so that she can gain some more years in the industry.
There is nothing wrong in applying with 2 years of experience but do remember that if you don't make it and reapply the second time round is more difficult coz you need to show what great achievements

u did during the year and you will not be able to use prev achievements as those are already with the adcom.
Whenever you apply, make sure u have a stellar app and there are no if-buts in your application.
comments invited over my views....