I was contacted by a recruiter based on my application and was scheduled for a first interview with their VP of Operations, which went well, and was then scheduled by the same recruiter for a second interview with the CCO (a very nice man who gave detailed responses to my questions and spoke very informatively about the company's structure) and CFO. After the second interview, which I thought went well, I received no call from the recruiter or anyone else. I was never told that I had been passed over for the job. It's good etiquette to let candidates know where they stand, in my opinion, instead of letting anxious job-seekers flap in the breeze.