When I did my initial multi endorsement in 1990, I had to demonstrate a full shutdown and restart in the air, engine failure at any point in the circuit, and rejected takeoffs where the instructor would pull the power just before rotate speed.
Recently I had to undergo the same training (hadn't flown multi-engine since doing the endorsement) prior to starting my instrument rating. Things have changed a bit with respect to the initial actions - mixture, pitch and power still go up, but only to the next level....ie, if you're in cruise power, you go to climb power instead of balls to the wall. Also, we didn't shut down the engine in the air. Still had to do a rejected takeoff, though...that hadn't changed.