Curious about opinions about this model of interviewing?
I think a lot of software engineers are not good or simply afraid of presenting in front of others. It's one of the most common fears that people have. That doesn't mean they're not good team players and it most certainly doesn't mean that they are not good engineers.
One of the main goals of this interview process seems to be discovery of talent that doesn't do well on whiteboard interviews. I don't know if they have considered the amount of talent they won't be discovering, because these people are not good at presenting in front of strangers which are judging the quality of their presentation.