I applied directly for a position listed on the Version 1 website. There were several steps in the interview process, but each was pleasant and I was moved quickly from one stage to the next so overall the process seemed simple and relaxed. At all points, communication was excellent and everything was made very clear - the job requirements, work environment, expectations, benefits etc. It's a very transparent process.
I went through the following steps:
1. Short phone interview (10 minutes) to ask my availability and salary expectations and to give me a brief overview of the job.
2. Intelligence Test - online test with various exercises including numerical analysis, spacial reasoning, language skills etc. This is a timed test so make sure you're in a quiet place and have a fast internet connection.
3. Technical interview with 2 team leads. As technical interviews go, I found this relatively easy. Not too many in-depth questions. They seemed to want a general overview of my experience and skills. No stupid google-style questions.
4. 1:1 interview with manager. More general career questions and broader technical questions; ambitions regarding technology you want to use/learn etc.
5. Technical skills test. Again, this is timed and there's a lot to cram in so move quickly. The test I did covered general OO concepts, php, mysql, http response codes, javascript, jQuery etc. Nothing too complicated, but you have very little time so you have to know your stuff.
6. Online personality test. This is not timed and it is short, but I found it difficult. It analyses what kind of a person you are in the workplace. Advice on this: be honest - it knows if you're lying!
7. 1:1 interview with HR director. This was all the general career questions - where do you see yourself, how do you deal with stress and so on.
Each interview was relaxed and quite informal. Everyone I had contact with was lovely and made me feel at home.
My biggest piece of advice for ANY interview: be yourself. If you have to be someone else to get the job, who will you be when you get it??
This is particularly true for a Version 1 interview. They are hugely focused on honesty and integrity (it's their number 1 "core value") so you really are better off being honest and open. Don't be afraid to say something isn't your strength - show that you're the kind of person who can learn and grow.