My first airline Captain Checkout was a 727 part 121 ride. I left that ride knowing I had flown a thoroughly tough checkride. The first one was supposed to be rough according to the culture of my airline and so, it was. But I nailed it both giving me the confidence that I could excel and also giving the examiner confidence in his sign off.
So I do agree that our current system is much easier than those days. I do not have to learn every tiny nuance of the electrical system to pass a rigorous oral exam. Today my 100 question system exam takes the orals place. Economically better for the employer and easier on me. But, being reared by Grandpa Pettibone and the airline professionals that mentored me as a SO/FO, I still learn more than the minimum. I draw out a new airplane's electrical system (et al) to memorize it. Crazy I know. But learning more than the minimum is what makes and keeps me a professional. Those future Captains that don't get it make me sad for this awesome profession.
Oh, to keep this on track thread wise; past experience on PA = tool.