I applied through an employee referral. The process took 4 weeks. I interviewed at PayPal (San Jose, CA) in Feb 2012
Interview
2 phone interviews + onsite interview with 7.
Mostly case interview focused on P&L and analytics. The interviewers are very nice, and it was obvious that the company got big plans. For all 3 rounds, I got responses back within 2 days, as they had promised. Very professional overall.