I do these flights for a living, for my employer, on MD10/MD11's.
We use a standard, ~120 page checklist for both ground and flight checks. The same checklist is used for both post-maintenance and acceptance flights, though sections are omitted/expanded at the PIC's discretion, or at the request of maintenance.
All of our jets are tested after every C check. Over time we have found this to be quite cost-effective, and every time the bean counters cut back on flight test, they inevitably change it back after they start seeing service failures.
It is sobering to see what we find. In two years of doing this I've had two dump valves fail open and one fail closed. I've had a CF-6 refuse to airstart, ultimately resulting in an engine change. I've found a short in an APU ignition circuit that only manifested itself in the air. Also found two ADG's that refused to operate after we dropped them out. And a host of other things.
Right beside us in the hangar at Changi is a major international carrier's 747-400 C check line. Many times I've seen them button it up, tug it over to the terminal and launch full of passengers without so much as a turn around the patch. Oh well.....