Like Denny said, you are talking about AQP style training. I just finished up my yearly CQ two weeks ago and it consisted of three 4 hour sim sessions.
The first day is a warm up and first look day where we basically just do some maneuvers and try out the stuff that we have been "trained" on last year to see how well we've retained it. Here you knock out things like steep turns, V1 cuts, a few stalls and some approaches (including a SE approach). There is no jeopardy on this day.
Day 2 is a maneuvers validation. Basically most of the stuff you'd see on a tradition PC is "tested" although you can retrain and practice stuff you don't get correct, as needed. Also "specialized" operations like RAs, EGPWS escapes, windshear and some QRH work is covered here. Because it's a validation of just maneuvers, the instructors can reposition the sim as needed so you aren't wasting huge amounts of time flying from one maneuver and approach to the next.
Day 3 is "Line Operations Experience" or "Line Oriented Flight Training" (LOE/LOFT) depending on what your program calls it. This is a flight from point A to B (although it's rare that you ever actually land at point B) that incorporates hot button issues from FOQA, ASAP, FAA bulletins and other sources into a SOMEWHAT realistic flight.
The LOFT last year (we are supposed to keep the current year's scenario secret so crews go in to it cold) consisted of a flight to a nearby airport with some weather enroute and then an RA. A rainstorm dropped the visibility just before landing so you had to go around and then ask for (and get) an approach with better mins. After that approach doesn't work you had to divert to an alternate (your listed alternate was deteriorating so you had to work with Dispatch to get a better one) and then, while on route, your pressurization failed, requiring a quick trip through the QRH. It was slightly busier than any "normal" abnormal you'd probably see but it wasn't too bad. This year's was slightly more task saturated and unrealistic, but still possible.
After spending 8 years doing a PC/PT (although eventually the PT became kind of like a LOFT) every 6 months, I do like the 3 day setup and my only complaint is that the scenarios tend to be scripted to the point that there is very little decision making required and despite the fact that it is a choose your own adventure kind of test, there really is a very limited number of adventures you can actually take.