Rick Segal has a mammoth post that goes into great detail on the process from introduction to funding with his firm:

One question that comes up is about the VC process and what to expect, timing, process, etc. I’ve put together this long entry in an attempt to give you our process in the hopes it can help with your expectations. Keep in mind every firm is different and we all have our particular quirks, so your mileage may vary.

I’m tempted to extract from it or attempt to distill it to bullets, that what a waste of time that would be. Go read it. It’s quite simply an essential read for anyone involved in this business.