Quantitative

These guys just came and did a big presentation at Stanford. They seem to be MS's proprietary high frequency algorithmic trading group. As far as I can make out, there isn't much of a lead role for undergrads to play in such a desk - you're either doing research or doing development/implementation.
DOes anyone have more info on these people? Does Goldman Sachs have a comparative group? What's their reputation - I know that David Shaw came out of prop at Morgan Stanley

I did a search on role of a structurer and the desired skillset. However all that I came across was a need for "excellent quant skills" and stuff in similar vein.

To clarify, how much of quant knowledge are we considering? Is it maybe linear algebra, basic probability theory excel manipulations or stochastic calculus and fancy high endfinancial engineering stuff?
How much of the job entails coding?
This may depend on the desk, but an insightful comment will surely help!