I applied through university. The process took 2 months. I interviewed at Microsoft (Seattle, WA) in Dec 2010
Interview
For the on-site interview in Redmond I interviewed during one of the mass-interview days for the Windows/Windows Live group. I was interviewed by 4 employees. One was behavioral and the other three were mostly design questions. No programming. My group was given a campus tour and stayed in a hotel for 2 nights. Microsoft pays for food, transportation, etc. I found out the results on the same day.
Three rounds of interview starting with phone screening, middle round of online interview and final round of three interviews all schedule within a couple weeks time. Interviews were Microsoft recruiters followed by employees
Interview questions [1]
Question 1
If your boss asked you to build a coffee machine in a car, how would you approach it?
Standard behavioral set of questions, walked them through past projects I've worked out and answered some case-like product question, like what is your favorite product / non technical product, etc.
Apply the summer intern programme through official website. 2 rounds of interviews in total. Give general idea of what is a good PM and talk about the latest project. Deal with a small case.