The phone interview was a screening and I was impressed with the questions asked - not the just the typical "describe your background and why you're suited for the job." They also asked why you wanted the job and why you wanted to work for SAS - and expected a detailed answer.
The panel interview was difficult - several of the group were obviously unprepared and not experienced enough to ask intelligent questions much less describe their role in the group. Others asked incredibly astute questions and put me to the test on my knowledge. I felt a lot of synergy with the group and was disappointed not to receive the offer. A big con: There was no feedback - even when asked - and no follow-up even though it was promised.