Others here have had much shorter processes, but mine went like this:
1. Employee referral. Recruiter got back to me within a day or two to set up an initial call, which was a few days later.
2. Initial phone screen. This was very basic. Simple questions you'd expect at basically any interview, with no skills assessment at all - just behavioral questions. At the end of the interview I'd clearly passed because we went ahead and scheduled the second round (I think this is the general "perk" that an internal referral gets you), which was a week and a half later.
3. Video conference with a PM and another Product Specialist. Started with a lot of behavioral and why Facebook questions, and then a very short case study exercise. If you brush up on product development, the case study will be a breeze. Obviously I'm under NDA, but at least for my video conference, there were no curveballs. Be prepared to discuss your interaction with other technologies and apps in Facebook-adjacent spaces. Within a few hours of the video conference, the recruiter got back to me and we scheduled the onsite for a week and a half after that.
4. Onsite with two Product Specialists and a higher level Manager (above PMs I believe). I had a quick call with the recruiter two days before to talk about logistics and format. Though your recruiter obviously can't tell you much, you should ask as many questions here as possible! The interview was in three distinct parts: the first was about general product and market knowledge, the second was about workflow and problem solving, and the third was behavioral. My best advice is to study the job description line by line. I had no product development experience, but I studied hard for the interview and did well. The interview was tough, though - especially if you don't get a good interviewer, so you're more "on the spot." Have a lot of stories prepared for the behavioral interview, and definitely be sure to ask and think up insightful questions.
4.5. Hiring manager phone screen. One of the folks I was supposed to meet with at my onsite wasn't there, so we had a video conference a few days after the onsite. Again, the interview was pretty standard, definitely be prepared to talk about how you fit in with Facebook's mission. The toughie is really the onsite, not this one.
5. Reference check. A few days later, the recruiter told me that they would be checking my references and that they planned to make an offer presuming I "passed" the reference check.
6. Offer. In my case this was about a week and a half after initial contact about references.