^+1
While every pilot who steps in to the sim knows how to fly.. so did every pilot/crew that has ever been involved in an accident or incident.
(IMO) What the sim interview brings is- can this individual learn the callouts and flow within a short time period, can they handle 2 or 3 things at once, how do they handle a strange stressful environment while under the eyes of someone.. and lastly, there's the CRM aspect.

Only those in the hiring department know the answer.. but, wonder how many are not getting through the sim portion?
Obviously the Hogan Test seems to be taking out (good?!) applicants. How many get shot down during the interview? and lastly.. the sim.

I would rather see less weight on the Hogan, more on personal recs.. and keep the panel and sim. But that's just me.
Always
Motch

PS> Every NH I've flown with has had a great attitude and been a quick/good learner. From the ASA FO (ex intern) to the retired USMC Col (ex Hornets). But there are also some pilots I flew with back in the regional & military days that I know would have a hard time getting through all 3 phases of our interview process. Lets keep it at 3 phases.. just weighed differently~