I have to say that I agree with you that the selection process does seem daunting! However, if you have drive and determination to get through then you will suceed.
I have gone through the whole process and I didn't think that I stood a chance when I submitted my application form. However, I had the phone call at the start of this week to say that I am in.
So Mundy, I suggest that you give it your best shot. If you do not get through, then as long as you gave it 100% effort you cannot complain.
FD