We generally have a series of 1 on 1s, each interviewer with a different discipline with a little bit of overlap. This way it's more of a conversation rather than someone being grilled on stage.
Some may prefer the N on 1, but for me I see that I can get a lot more out of people just by myself. People are more relaxed, and I can get a feel for who I'll be working with, not just the person that showed up in the interview.
After all of the 1 on 1s, we'll sit in a room and talk about what we learned and how we felt. Everyone gives a gut-reaction rating and go from there. It takes more time and resources, but for us our hire-quality is... well... higher.