I just graduated from ERAU-P and have many friends instructing out of there. Three just went through the interview process. It's still the same as the other posts. A flight with the CP, an impossibly hard written test (it is said that the average score on the test is 50%, and that it can only hurt you if they don't like you. ie, their excuse to not hire you), a Frasca141 sim ride, and an interview with the team managers (there are 5, as an instructor you belong to a "team" only for organizational purposes). The interview is nice and mellow. The guys over there are all super cool, and all the frustrated instructors that would be hardbutts just left for ACA. The CP, Mike Corradi is a character. He's a retired Air Force guy with lots of experience. Has a Pitts and LOVES aerobatics. Don't worry about the test too much, like I said it's supposedly only used as an excuse to not hire you should they have a problem with you.
Being an instructor there you have many oportunities with the regionals. They (Eagle, ACA, CoEx, ASA, Mesaba, Mesa) used to (before 9-11) go to Riddle and take our instructor by the handful. We lost instructors faster than we could hire them. It looks like it is comming back again. ACA came to campus and took, I think, 17 of our instructors about 2 weeks ago.
Yes it is a very structured program, and they are anal about a few things (most things), but overall the experience is nice. You do get 6 credits a semester free, and your MEI is free (if you don't already have it). The students are pretty good, most are there to actually fly, especially now that it is so darn expensive. Good luck to you!!! If you want any contact names PM me!