After applying, it took about six weeks before I heard from a recruiter, who quickly set up a video interview with some of the team I'd be working with. That went well, and the next business day, I was asked to come back and meet with the team in person on campus. Because of their schedule, though, I didn't get on campus until a month after the video interview. The in-person interview panels were very long: four panels, and 10 people total. During the interviews, I felt I had a good rapport with many of the interviewers, and we spent most of the time laughing and joking as well as discussing different management scenarios. Everyone I spoke with was extremely professional, friendly, warm, and knew their stuff. During the interview, they tried hard to put me at ease, which I appreciated a great deal. I left feeling good about how I'd done, but drained from such a long day.
Then, the waiting started. It took about a week-and-a-half for the recruiter to get back to me and give me feedback about how I'd done (very well, the top candidate so far), but there were more people to be interviewed, and two managers were going out of town during that time. So, more waiting, which is fine, if agonizing. It then took another two weeks of trying to get feedback from the recruiter, who was trying to get feedback from the hiring managers and get some kind of answer.
In the end, a month after the last interview, the position ended up being canceled, and they hired no one. No hard feelings; it happens. I got asked to keep an eye out for other positions at the company and apply for those, so I don't get the feeling it was anything personal.
I heard later from some friends who work there that I ended up dodging a bullet by not getting hired onto that particular team, so perhaps it's all for the best.