I applied online with a resume and cover letter through the web site. HR response was quick and efficient - phone interview with recruiter, phone interview with the person I would report to, then a 4.5 hour in-office interview with several folks, another in-person interview with a VP almost a month later. References checked before VP interview. Then a two-week wait before I was asked to come in for ANOTHER interview (after being told the VP was the last one) but this time, I was given work to do for an existing situation (not hypothetical work). I was very hesitant to do work for free that was for an existing company initiative without having the job. However, because I really wanted the job and knew I was hands-down the best candidate, I went above and beyond with my work. I had to come in and present to the same VP, the person I would report to, and someone who was on their second day of the job. The VP and the other person only had 20 minutes for me, even though I was told I got two hours. So I had to race through the presentation. After they left, (taking my proprietary work product with them) the remaining person raved about my work, made notes all over a schedule I had not intended to leave behind, and then asked to keep it when I tried to leave with it.
Ultimately, I did not receive an offer and got no constructive feedback other than "we decided to go with someone more 'technical'" and "everyone really liked you and totally wanted to hang out with you". I was incredibly disappointed as I admire this company very much and the job was tailor-made for my skills and experience. In fact, throughout most of the interview process, they were asking ME what they should be doing in many situations, asking for creative references, and soliciting my opinions. I don't think you interview someone for that long and go through that many rounds and then say you want someone more 'technical'. Additionally, they then contacted my references to tell them they did not offer me a position, which I thought odd and unprofessional.
Since this happened I have heard a few other stories of recruitment gone awry with people I know who have interviewed. I hope they get this system down as they are missing out on a lot of smart people who have a lot to offer.