Hiring the right people is the single most important thing you can do to ensure the success of an IT project. Good people do the right thing, do it fast, and do it with minimal management intervention. This is especially true in software development, where the good engineers are anecdotally reported to be 10 times as productive as the average contributor. I believe this, and I have invested time in recruiting to makes sure I'm working with the best people I can find.
I have been working on my recruiting process for years, and some of my methods are rather unorthodox. For instance, I don't interview developers until I am sure I want to work with them. I couldn't explain why this is important, until I read "Blink."