froufrou - First of all if ur handle refers to the singer then kudos cause she's awesome!
As for the queries regarding the procedure, INSEAD looks at 4 things - Academic, Leadership, International Outlook and contribution Capability - and one things for sure that if they have invited you for an Interview then you are qualified in all those categories. As per the procedure, both interviewers will write their feedback based on the insights that INSEAD wants to know about you to make an informed and complete decision. Once the feedback is received INSEAD will again go over your entire application and fit you in the incoming class of 500 odd admits.
As for chances based on stats, Id say you have more than a 50-50 chance but I think you control your fate more than that - With your interviews if you can prove that you really fit in INSEAD then you dramtically influence the odds in your favour, so, in short, I wouldn't worry about the stats but more on thinking about whether INSEAD is really your destination and then looking back at your story and passing that on to the INSEAD ADcom through the Interviewers.
INSEAD values the interview process and they are very good at assigning you Alumni who can read through the prepared and memorized responses so you must believe and think through your reasons and that will help you most.
Read about previous Interview experiences in the Sept 12 and earlier forums for more insights.
Hope it helps.
Posted from my mobile device