Mer,
I am currently an NFO to Pilot type in Kingsville. The program is in it's second year after being ressurected in Summer 2001. The board meets annually. The first year they took 15 people, last year (the year I was selected) they took 13. The results for this year were just posted (the board met on Jul 16th) with 10 people being selected.
The prerequisites were fairly straight forward: 1) Recommendation from your CO and his reporting senior (CAG, Commodore, etc...); 2) You had to have at least a year and a half in your fleet squadron; 3) the applicant can not have passed his 31st birthday by the time the board met.
I would recommend going to the BUPERS website and searching under aviation community issues. They'll have the results of the previous three boards, and the schedule fot the next selection board. They also have a complete application template, for those who are interested in applying next year (I believe YG's 99 and junior are eligible next year).
I hope this helps.