Now I've just finished a round of interviewing, time to let out some of the secrets. It's really about whether the candidate can think on their feet (and can work elegantly around places where they aren't familiar with detail) and knows general software engineering techniques in some depth (according to their length of experience).
Five essential phone-screen questions -- not bad at all
Job Interview 2.0, now with extra riddles -- Is moving Mt Fuji really the way you want to go? Or does it just select for those with an eye to making the solutions more complicated? Me? I'd not work for a company that uses this interview style. The 10/5/2/1 minute problem I know the answer is 1 minute faster than the obvious one using the 1-minute runner, and if I wanted to do it again, I'd write a program to solve it.
"My favorite interview question" -- it's "How might you design a program that lets people play Monopoly with each other over the internet?" Not a question that I personally have tried, but the post analyses what makes this question a good one.