This write-up is spot on the money. The only addition I would have, based on my own experience, is that you need to fill out your banking/tax info AS SOON AS YOU ARE ACCEPTED. It's a 4-week wait for approval on that part right now.

PS - Some of you may find my app, Warehouse, interesting. It's a native UI for Crunchbase.

http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewSoftwa...