Age 40 is now the max hire age. The best source of info I've found is APTAP (Army pilots to airline pilots). Just google APTAP and go to the general forum. The latest announcement that went thru APR 08 has been cancelled, all hiring has been shifted to the MSP office. No word on when it will be readvertised.
The application took me about a month, you will not be able to use a standard airline resume. Mine ended up at 5 pages. Also, most applicants will be able to claim 5 or 10 points veteran's preference, which can be hard to overcome if you have no combat time.
Good luck, PM me if you want more resume detail...