Just a thought - i was at the open day on Thursday (went to the Physics and Maths lectures).
Here's my view, the Oxford application for physics process seems to be:
Results -> PAT Test -> Interview -> Offer/Rejection
From what i've been told and from what i've read on the oxford website, the entrance test is used to screen candidates so there's a 2.5:1 ratio of applicants to places. Last years threshold for interview was 45% combined (averaged from the Maths and the Physics papers), which i thought was shockingly low after looking at the papers. Obviously, the three A's still apply and of course, GCSE's are still a weighty factor, but essentially, so long as you're predicted three A's and you perform well in the test, you're pretty much guaranteed an interview. I quote from the 2006 admission report:
"These tests have been piloted for several years, and are known to be good predictors of future
performance at Oxford; in particular they are better predictors than GCSE results."
Imperial on the other hand, seem to place a lot more emphasis on the personal statement and GCSE results - having as of yet, no way to screen applicants via a test. From what we were told at the physics lecture, the interview is more of a talk about imperial than any sort of test of ability.
As my GCSE's are good, but not outstanding, and i'm fairly sure i can get my three A's at AS/A2 (well four really) i am inclined to believe that Oxford will be easier to get into. Is this a correct assumption?