I'm going a lot by that vid that was posted (better version:
http://www.youtube.com/watch?v=eNWWxD-q-bg ). My thoughts: you are raised into the pod, and you are automaticly connected to it as the oxygen-rich fluid flows in. Just before the liquid reaches your mouth, you're body is "put to sleep" and controlled by the pod's systems. This includes slowing down or even stopping most biological processes (like digestion). Oxygen use is also decreased by having the pod provide some of the energy required for essential processes (like brain functions), further decreasing oxygen requirements.
I usually RP some time (~3-10 minutes)between getting in/out of pod and social appearances, although I sometimes use handwavium (to the point of not even having docked or reached the system yet) as IC social interactions take a lot longer than IRL, and handwavium compensates for that.
Side note: I consider most tranfers of pod and cargo and the like to be done with more advanced versions of Star Trek transporters. I think it's makes the most sense, immersion wise, for near instantanious transfer of goods across hundreds of meters.
P.S. There was a CCP made video that captured the mood of getting out of pod, using scenes from films like The Matrix. I think it was shown at one of the Fanfests. Does anyone know where to find it