Good luck to all those who have interviews for R2. To those asking about how the interviews are and what role they play in the selection process - well basically if you have been invited to interview it means that you have passed the "paper test", i.e. your application looks good. During your interviews, INSEAD is trying to find out, through alumni, whether:
1) you are truly the person you have represented yourself on paper (the credibility test)
2) you have confidence and are someone who has communicated with or has the potential to communicate with senior management without getting fazed (the confidence test)
3) you will maintain and add to the culture at INSEAD (the "do I like you" test)
If you are someone who truly wants to go to INSEAD for the right reasons (refer website) and have not misrepresented yourself in your application, you should be fine. The interviewers are very good at weeding out people who they feel don't truly want to go to INSEAD and have just applied there as one of many other schools.
Although this is not what the official correspondence suggests, my hunch is that your "paper application" becomes irrelevant if you have reached the interview stage UNLESS you get wait-listed and are being compared with another candidate for a single spot.
I have also read somewhere (and this matches with what I have observed) that if both your interviewers recommend you, you get in. If one recommends you and the other doesn't, you get wait-listed and if neither recommend you then you get dinged.
Hope this helps and good luck to all those who have interviews.