The interview process was fairly quick and easy. They were candid with what they wanted in a candidate (more than a pipeline/undergrad; preferably someone with an 'A+ portfolio'), and they were direct in the salary offered. It began with a phone interview with the director of human resources, then an in-person interview with the creative director and executive editor and followed by a 2-part design project (design an ad & cover feature). Everything went well and they each had a positive attitude and raved about my portfolio.
My only concern is simply advice to management: It will be difficult to find a mid-to-senior level art director willing to take a pay-cut and be compensated $45k/yr, which is about $15k below average salary in NYC. You might actually be looking for fresh undergrads with little-to-no established agency work.
Also, they have a brand new, gorgeous office on 5th Avenue in Manhattan. Congrats!