It depends on your ability to handle interviews. After you submit the application online they will inform you whether or not they want you to complete video essays and/or the interview. Being that you are still preparing for the GMAT, it's a bit early to start worrying about the interview/video essays (you might not even get an interview).
For me the video essays were a bit stressful, but overall the process was tolerable. You set up the online interface, it then plays a prompt recorded by one of the U of A AdCom members, and then it records your response via your webcam/microphone. The questions are generic, "give an example of a time....", "what is the most important.....", etc. The difficult thing about the video essays is making what sounds like an intelligent response, in a professional manner on the first take, for a question that will be a bit unsettling. The tips I gathered from a variety of resources were: 1. Prepare the room so that the background looks professional 2. Wear proper attire 3. Make use of the practice questions (they are offered at the stage that you are setting up the interface), so that you can get comfortable recording yourself and producing a professional clip on the first attempt. Note that one question will require you to type and submit a written response to the prompt, this sounds easier but time is limited.
With regards to the final interview, for me it was pretty straightforward. You can do it in person or online (Skype). Basically the interviewer wanted me to take them through my application (essentially the resume and the letter of intent). I believe it's the last chance for the AdCom to confirm that you are who your application says you are, with regards to your personality, experience, qualifications and post-MBA goals. I recall a question or two during the interview that were behavioral descriptive and a question regarding my prior work experience.
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Thanks CABBA, I owe you one for the immense help. That was all the info i wanted. Am appearing for GMAT in August. Hoping to score well.
cheers!!!!!!!!