A surprisingly short interview process. I applied via internal referral and via their company website, and got contacted by the recruiter within a few days.
A very initial phone screen with the recruiter (maybe 10 minutes, the bulk of which was "Are you still interested in this job?") was the first step, followed by two panel interviews. I got the impression that the only reason for the second panel interview was that those people weren't available during the time slot of my first interview.
Nike is VERY big on panel interviews - expect a good deal of confusion around who's who, which person you should be directing your answer to, etc. I was asked to give a presentation on my project experience, and aside from this the interview was very standard behavioral questions (of the "Give an example of a time when ..." variety). Not too challenging, content-wise. Having been on the interviewer side since I started, I can say that Nike is often looking for cultural fit more than anything else (assuming, of course, that your experience broadly meets the position requirements)
After both panel interviews, I heard nothing from the recruiter for a week or two, after several emails and phone calls. I assumed I was out of the running, but then finally got a response and an offer after this period of silence. Almost every job description for Nike includes "tolerance for ambiguity" as a requirement, and this certainly holds true for the interview process.