Marc Andreessen blogs about how to hire the best for a start-up and uses Microsoft and Google as models. One difference between the two, I would say, is the GPA thing. You might get a different sound byte if you ask a college recruiter here but I don't give a rip about your GPA. The disadvantage most of us have when we go to college is that we are kids; anyone else lack the maturity and attention span to really do as well as they wanted in college? I care what you have done. Lately.
Marc also talks about that other it factor that we discusses a while back. Someone who has worked their way through school or become an expert at something. It's not the kind of thing that will get you the interview (rarely listed on job requirements), however, it's definitely the kind of thing that comes up in interviews that shows drive and passion.
I thought Marc's post would be relevant to the job-seekers out there because it shows what's going on on the other side of the table, or at least what should be going on. And it helps you know how you need to present yourself. When I read what Marc wrote, it sounds a lot like Microsoft but without all our internal buzzwords (that happens when you have been around as long as we have and need a taxonomy to refer to the same things consistently).