Most aircrafts able to fly above say FL430 tend to be Bizjets... And many are operated in a "fairly flexible" manner when it comes to training, hence emergency decents being only practice during the initial sim.
In my opinion, training in recognising, dealing and completing the safest emergency decent (so you don't hit the mountain below for example) is a Must. But like I said, recurrent sims in the real world of Bizjets flying isn't that widespread.
As for practicing in the real aeroplane... Some would say it is better than nothing but really, if your boss who buys expensive toys can't afford a sim once in a while... I would be very cautious with endangering the crew, the aircraft and surroundings.
Now how do we do a thread drift again ? Oh yes, what do u guys tell a new, very green SIC when you see him first

(thought I would maintain that great pprune tradition which has a thread evolving into another one by post number 11

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