It’s a very slight selection procedure, particularly since online interviews which have also been an excuse to cut interview times by more than half in some subjects (2 x 30 mins replaced by 1 x 20 minutes). So the prestige is highly exaggerated, particularly compared with prestigious but less well known institutions in other countries.
Which means that if you fancy having a go you have a decent shot. Not to say the system doesn’t work to some extent, but it’s a lot more ‘open’ than it was, for which you could read random.
My fear is that the online format favours the socially confident and the slick summary over the exploratory approach that used to be what was wanted. Certainly as well as its stand-out types, Oxford has a lot of self-confident ´averagely very good’ kids from comfortable homes, and feels less ´nerdy’ and more monied than when I was there (I have two children currently there). There is definitely a lot more conformism and wish to be ´ordinary’ than there was. At the same time the RG university where I teach has benefitted from an increase in exceptional but un-self-confident students. May just be a coincidence, and they are a joy to teach, so I shan’t complain!
Whatever, being accepted or not by Oxbridge should certainly not be seen as the test of being exceptional. There is a concentration of the exceptional there, which makes for an exciting atmosphere, but the majority are not, and have no wish to be, which is fine. And it has never been the case that the academics can necessarily be relied on to make the right call: many are excellent and conscientious, some are rather clueless, as my brief experience of being on a panel in the 1990s made clear, and confirmed by some odd (and some quite distressing) decisions amongst my children’s school friends.