Yep, I did mine on the Shorts 330. My fiance did his on the 737-300. I did mine in the aircraft, he did his in the sim.
I had to do all sorts of extra stuff such as limited panel, stalls, steep turns etc whereas he didn't.
The guts of it is, take off, do a SID, track on an airway using either an RMI or VOR. Upper air work (if they are so inclined), back to the hold. (Note, they love their holding patterns here. Must nominate and stick to a speed etc), NDB approach with a circling approach (note, not the same way as it's done in Oz). Land. Take off again, lose an engine, back into the hold (or vectored for the ILS). Do the ILS single engine and either land or go round. (I've forgotten). I think you go-round, get the engine back and a normal ILS to land.
Holding patterns are the go, speed nomination and adherence to as well, you can nominate another speed, need to be +-5 knots. Other tolerances the same in Oz.