First off, They are looking for people who are self-starters, highly entrepreneurial, have great business sense, and good in technology.
It all started by applying to the website, within 24 hours they contacted me via email and set-up a phone interview with the recruiter. It was basically going over my history. I had a good conversation with the recruiter, and they set-up a phone interview with a Product Manager at the company for a few days later.
That phone interview was basically a repeat, discussing my history and why I was interested in Product management. After that phone interview, they set-up an onsite interview (I live in Austin) for about a week later. The on-site interview was with 5 people, a developer, product manager, business dev, Director of Product and Senior Director of Product.
In all honesty, the interviews didn't seem hard. It was basically a conversation of what they did, and what I have done. I came in well prepared knowing everything about the company, it's strategy, products, and even did background research on the people who would be interviewing me. I had about two pages of questions for each person interviewing me. I was also interviewing them. :-)
I honestly enjoyed the conversations, and perhaps this was one of the reasons I didn't get hired. I was so relaxed that we had great conversations that got a bit side-tracked on technology and innovation. See my post-moratum for details on that.
I left the interviews pretty confident.
The next morning I got an email from the recruiter saying thanks for my time, but I they decided not to go with me.