Sim Checking / Training
I can only speak for recurrent checks done under JAA. Twice a year pilots are required to be checked; in our airline (heavy jet) we receive two consec days of sim every 6 months. Each session consists 1 hrs brief, 4 hrs sim & a debrief. All being well your Licence Proficiency Check is then revalidated for a further 12 months. (bit more to this, in that a Operators Prof check is needed too, having different requirements. This is revalidated for 6 months.)
The two days is primarily checking, but training is of course included, and may be topical - according to any latest incident, or eg approaching Winter ops into Europe for a tropical operator.
Certain areas are pure pass/fail, and will be examined every check, such as engine failure after V1.
As for the great number of emergencies possible - we have to cover each section of the emergency drills every 3 years maximum, so every pilot maintains competency with hydraulics, pressurisation, fuel system, electrics & so on. These will be likely built into a LOFT (Line Oriented Flight training) where realisim is the name of the game, ie pre flight checks at gate through flight and probable diversion, all in real time. Many aspects are assessed, Crew resource management included, and a very full debrief would be expected. Day 1 might be the Captain's LOFT, and Day 2 the First Officer's.
To aid preparation (our) pilots will be given a lesson plan (booklet) some time before the check, with a broad outline of what's to happen, eg SYD-SIN, to cover hydraulics, and LHR-MAN to cover electrics. Weathers will be stated & performance problems will likely result due low QNH etc. A few general questions and answers will be in there too.
Do pilots take their sim checks seriously? Most certainly so; like your medical its a pass / fail with your career on the line. For some its a very stressful time being examined in the box; far more so than any line check where mostly the weathers fine, engines don't fail and the ILS works as advertised.
Hope this helps.