I applied through an employee referral. The process took 1+ week. I interviewed at Verizon (Ashburn, VA) in Jun 2012
Interview
There is a phone interview followed by a face-to-face interview. Many detailed questions were asked. They were trying to ensure that I was a good fit for the company. And this allowed me to determine if the company was a good fit for me. Overall, I think it's a good vetting process. But it is definitely not for the meek.