I've gotten my LORs, did a couple interviews with a CAPT and CDR with excellent appraisals (third interview coming up next week), and my OR got a waiver from the Reserve OCM for me not having 5 years experience yet (she sent my resume, motivational statement, transcripts, and interview appraisals). I've signed all these security forms, etc. Basically, the rest of my package is ready for the June board.
I'm not saying the waiver will overlook the fact I'm not someone with 10+ years experience and a technical manager title (which generally doesn't happen until you're 10-15 years deep in industry at large corporations), even if I have done personnel and program/project management aside from my regular work. I do think there's a reasonable chance that the "lack" of work experience could kill me, but I'm hoping the strong GPA, motivational statement, and appraisals can bail me out.
Edit: Funny looking at the comment at the top of this page. I was still trying to figure out how to start this process other. A few months later and I've gone through the whole process.