You know, regarding the Willy Waving mentioned here....
I've been involved with interview processes on the other side of the table before (though granted never for aviation) and I can see where they're coming from, believe it or not.
It's not just a "When I say jump, how high can you go?" situation, they clearly want to be able to judge your character, your management and CRM skills, communication skills, planning, leadership qualities, all on factors of which you (quite likely) will have no experience about. And lets face it - the situations that have ever had us sweating the most in the air is when something you've never trained for happens.
So how can a company test these qualities without going over ground that you most likely have already covered? They don't want to know how well you can apply SOPs, they want to know how well these qualities are ingrained in you.
Now, granted, it probably feels quite a stupid thing to do when you're there doing it, but there are definitely valid reasons for it.