The VWP is only applicable to B1/B2 status and not F1 status, so you do require an interview prior to appearing at the Port of Entry (only exception to this is Canadian citizens).
At the Port of Entry, the examining officer will make a determination whether to enrol you in the NSEERS process. If you are selected you will be fingerprinted, photographed and interviewed again. You would also need to appear for a 30 day interview, a 12-month interview and an exit interview - as well as file form AR-11SR everytime you travel within the United States.
Regardless of your enrolment in the NSEERS process, effective from August 2003 you will have responsibility to ensure that your data in SEVIS (speak to the institute that sponsored the I-20 for SEVIS details) is up-to-date as long as you remain in F1 status.
Technically, you do need to file a standard AR-11 for all domestic travel you undertake, but rule of thumb is that this is not enforced except for trips exeeding one week away from the address on file. If you are a NSEERS registrant though, the AR-11SR filing is mandatory even if you just drive 2 hours to visit a friend.
[This message has been edited by B747-437B (edited Nov 16, 2003).]