Curious of hiring managers' perspectives but also in your personal experiences: what's the best approach approach for cover letters/first contacts for positions where you're a little (or a lot) underqualified (e.g. senior position requiring 6 years of experience where you only have 2-3)?
Is it better to acknowledge it and try to show why you think you would make up for it? Or just gloss over it and focus on other strength? Option 3?
2) Please do recognize that we're in a down economic period and employers can afford to be more stringent with the requirements. Your odds of getting an interview are probably lower than average.
3) That said, wasting ~15 minutes of your life to make a half-decent application for a job you really want seems worth it.