I first had a phone interview with the technical recruiter. She asked me some typical interview questions (why PM? why Microsoft?) and then gave me a scenario about prioritizing features. The interview was about 25 minutes. I got an e-mail the same day saying I was going to be moving on to the second round (on-site interview).
Unfortunately, I was a little disappointed with the on-site interview. I felt that the team that I was matched with did not align with my interests at all. I would say that first two interviews had typical PM questions, but the last three interviews focused on topics I was completely unfamiliar with. Overall, however, it was a good experience, but I wish I had been able to interview with another team.