I applied through university. The process took 1 day. I interviewed at Google (Mountain View, CA) in Jan 2010
Interview
I had an on-campus interview scheduled through my University's career center. It involved two half-hour interviews with two Associate Product Managers. Most of the questions gave you a product and you had to explain your ideas for how to improve or design the product.
Interview questions [1]
Question 1
First he asked me some of my most frequented websites. Then picked one (Facebook) and asked how to improve it.