I applied through university. The process took 1 day. I interviewed at Microsoft in Nov 2011
Interview
I gave my resume at my university's career fair. The initial 1:1 interview took place at my university and lasted 30 minutes. The interview took place in person (not over the phone) and was conducted by an engineering manager. A few weeks later Microsoft flew me out to Redmond for additional interviews. I had 1:1 interviews with four managers each of which consisted of both technical and behavioral questions. I also had a lunch interview with one of the managers.