I was just reading a great post over at Prof Like Stubstance's blog, where he discusses the scary world of federal science funding. In case you're not familiar with what the success rate of federal funding for science research is, it's about 7-12%...which is really disheartening.
Having recently received a federal funding rejection, hearing Prof's break down of what goes into that 7-12% is actually some cold comfort. It's a really great break down of the peer review process that goes on in NSF/EPA/NIH/etc funding panels.
I like to think I at least made the cut to the top 50%. Go give it a read!