well for one company i'm currently pursuing, i've gone through this goat rope (so far on a span of a month and 2 wks):
- initial interview at a conference
- brought onboard for a 2nd interview on site with several senior executive level people
- feedback was positive but they felt i was too junior for the role but they wanted to consider me for another position that was open
- initial interview on phone
- tomorrow i have a "2nd interview" over the phone... not sure if that's the last one though.
for this company, i am still currently "still in the running" but i'm sure they understand that the longer a candidate is strung along for the ride, the higher the probability that they may be looking elsewhere or toward the stages of getting an offer from a different company. we all know that employers, especially in this tight job market and economy, can take all the time they want to find that best fit candidate. however, from the jobseeker perspective, we all have the option to make sure the employer is who we want to work for too and that the company is the right fit for us.
typically the longer you are in the running doing interviews, i'd say one or more of these are true:
1. the company is doing initial screenings for the position to see who else might be a possible candidate when they advertised the position
2. they're holding onto you because you meet the requirements but they also want to completely exhaust all avenues to ensure there are no other "better" candidates out there before they make a decision (with the candidate/applicant pool that exists out there, this is very common)
3. there was something that had been brought up/discussed during the interview that raised flags
4. they're doing background, reference, and credit checks on you that's taking longer than expected
either way though, it's better to still be in the running than not!