Applied online, got an email a few days later for the first-stage interview which is through HireVue. It was just some pre-recorded stock interview questions, they're just screening out people who can't talk about themselves.
A day or two later I was invited to do an online interview, again through HireVue, for which I had to prepare a short presentation on a project. I was expecting technical questions but the two interviewers, both of whom were product engineering managers, seemed sort of disinterested. I wrapped up my presentation and got some more behavioral questions.
Soon after I got a call inviting me to Dallas for the final stage interview. The dates were sort of inflexible so I had to go in November in the midst of classes, but they definitely make it worth your while. Flight, rental car, and hotel were all great and paid for. We went out to dinner with some current people one the rotation who were made available just to answer questions; they claimed that they were not involved in the decision-making process.
We were given an interview time for the next morning. Be sure to be there at noon for the complimentary lunch, which was amazing. I had two 45m-1hr interviews with two managers each. The first was very simple, with the expected technical questions. You'll probably get a basic question about CMOS and a linear circuit. The rest of your questions will also be basic and derived from your resume.
It's worth mentioning that my second interview ended up being pretty intense. I was drilled on analog design for what felt like 15 minutes until I faltered. From what I heard this is a common technique, so don't be afraid to get pushed and fail. They want and expect to see the limits of your knowledge.
Since there isn't much information about the position out there, I'll also share some of the interesting things I learned. The rotation is two one-year assignments. The first assignment is a role in product, test, or product+test, depending on the business group. It can be located anywhere. They ask about your preferences if and when you get an offer, but it's a crapshoot unless you ask for a major location like Santa Clara or Dallas (these are probably the two best locations anyway. Dallas has an insane amount of amenities and resources, whereas Santa Clara is right at the heart of Silicon Valley). The second assignment will be a non-PTE role, and here I think the decision is made primarily based on your preference and your manger's preference, with a nod to company needs. After the rotation you are expected to return to the location and role of your first assignment permanently, but my understanding is that it's common for TIers to move laterally so don't worry too much about finding out you hate PTE. My major gripe was the uncertainty of work. For both assignments, you potentially don't find out the position and location until 60 days before you're expected to switch over.
I was told a week later that I would be getting an offer, but did not receive the details and location until a month after that. That was fine by me as it gave me more time to hear back from other companies.
If you're reading this in preparation for the third stage, you'll be interested to know that of the ~12 people in the group before mine, half got offers. Not hugely useful to know without more context, but the larger point is that you have a good shot at this point, and you're not competing with your group, so feel free to relax and make some new friends or connections.