One important thing about phone interviews is that you can't see the other person. While that may seem like a smart-a$$ answer, it actually is pretty important, because most communication (>80%) is non-verbal content related, but over the phone it is 100% verbal content. So you need cannot rely as much on delivery or "room presence", which typically plays a huge role in the success of a live interview.
I did one a long time ago. Its quite the feeling auditioning for a job while laying down on the coach in your boxers while eating a bowl of cheetos.
I like them because when you answer a question you can bullsh!t A LOT easier. IE your head isnt looking at the cieling, your face isnt red, etc. My best advice is to sound confident and secure. Dont sound like a softee. When are we hitting 6th???
I did a phone interview and it is much more relaxing. They can't tell if you are nervous. You can have notes available to yourself without their knowledge. The bad thing is that you can't see their reactions, so it is hard to gauge how the interview is going. I'm not great at reading people though, so this is not a big issue for me. You probably won't get an offer for a good job off a phone interview though, just an in person interview.
I used to be a recruiter and handled hundreds of phone interviews. The company I worked with used them as a general screening process. I've also beenon the other end of the phone interview. I think the importance of the phone interview depends a lot on the type of job you're applying for. If it is just a screening process, you don't want to say anything to bizarre (of course, you usually shouldn't in person either). If it is the only type of interview you will get then you will want to be ready to give moe in depth answers about your experience. One specific suggestion: it is hard to tell without seeing someone's face whether or not you have said enough to answer their question. On that note, if they ask a simple question, give a short answer. If you need to elaborate DON'T go on forever. Call a friend and have them do a sample phone interview and give you feedback. Good luck!
Also, if you need to elaborate about anything just tell them that your lawyer doesn't recommend you speaking much about your past.