I did the full physical the first time. Then just had to go back to get the consult. As for the flight surgeon comment, the doctor at MEPS told me that after my consult all the results would go to a flight surgeon to approve before getting a PQ. That individual had given me bad information in the past though so I'm not really sure if it's true or not.
That sounds right. All your medical info from MEPS (and all supporting documentation) goes to N3M. They review all your medical information and give you the green or red light. Then you are issued your final select letter.