I'm not a fan. I don't program on a whiteboard. Ever. Why would I use that in an interview. Yeah, yeah, I realize that's so everyone can see. Ever hear of a projector?
Whiteboard aside, algorithm-centric interviews aren't that great either. I was once asked to solve the Fibonacci equation to the nth level or something like that. I didn't even know what the Fibonacci equation was. After struggling through the interview, and realizing I was failing miserably, just before I left, I asked the people in the room, "So... do you use the Fibonacci equation in your software often?" Of course the answer was "no". "Then why did you have me do something you yourself don't do and you clearly knew I didn't know?" I was pretty ticked off. I swore then that if I ever face a whiteboard or algorithm-centric interview, I would stop the interview right then and there and politely decline. That's not a company I want to work for. It's a lazy and amateurish way of vetting a software developer.