With the exception of the occasional a-hole in a training dept., most airlines don't really want you to fail training events. It reflects poorly on them and it costs them money. And in the case of the ATP it could mean a termination and having to hire a new pilot, which won't be easy or cheap. The airlines will not treat this new requirement like a joke.

That said, prepare for these things like you would a regular sim event and know what's coming. But there are no real surprises and at my company at least, most of the PCs are similar to what I experienced on my type/upgrade ride. We did the S/E landings and approaches, a flaps zero landing and an engine re-light (follow the checklist to the letter and go through it before the ride because if you don't do it right and the engine doesn't re-light it is a bust) and maybe one or two other things but there were no surprises.

It's a tough ride but really not much tougher than a regular Proficiency Check if you are proficient and don't consistently have to re-train and repeat maneuvers on your regular PCs. Prepare well and it's not that hard at all. Go in unprepared and expect much worse. And not all the preparation is up to the company. Sometimes you have to take some personal responsibility.