Ask HN: Has anyone had success with SBIR grants and what is the process like?

I'm considering applying to a phase I topic that is a pretty good fit for our tech and we should meet all basic requirements (U S. Based, small business, etc.), but I'm unsure if the juice is worth the squeeze. If anyone has any experience applying and going through the process I'd love to hear about it. Things I'm curious about... - how competitive is it? - how detailed should proposals be? - am I guaranteed to hear back? - how long after closing is a decision made? Thanks in advance.