Well, the "interview" was today. I find out within a week if I got the job.
Overall I think it went okay. At certain points I felt a bit slow, but got better as we progressed.
I assembled a Trek 3700, an entry level mountain bike for those who don't know. Pretty basic: V brakes, etc. The shop is rather thorough. All the cables are adjusted and lubed, as are most of the moving parts. Dérailleurs and brakes are adjusted as well, and some other small stuff. Pedals are not attached as the bikes, once assembled, are sent to one of several different locations around town, and this helps with transport. I'd say 85% complete is about acurate for how complete it is out of the box, but some stuff is dissasembled before it's reassembled. I suppose this depends on the individual shop.
It also seemed like it would be a a fantastic place to work, and the interviewer was very friendly. I'd be very happy to get this job!