I really want to hear what the individual contributed, though, and actually couldn't care less what their team did as a whole. I've heard way too many "we"s that were actually "they"s, while the subject was present, but not actually contributing that much. It's really easy for a bad developer to hide in a large team.
EDIT: and it's also easy for a good developer to get quagmired in a bad team! Just because the project as a whole didn't do much doesn't mean the individual is bad. So I still really only want to hear about the individual efforts.
This would be why I spend almost no effort on the interview process. I put people to work right away to force them to prove whether or not they can do the job.
Well, I suppose they could be subcontracting it out, but at that point, I don't care. The work is getting done and at a price I can manage.
EDIT: and it's also easy for a good developer to get quagmired in a bad team! Just because the project as a whole didn't do much doesn't mean the individual is bad. So I still really only want to hear about the individual efforts.