Software Engineering interviews will focus on your standard coding, algorithm, and system design questions...
Why are algorithm questions still being asked in a high-pressure environment? Very few people actually work on algorithms once hired and never in my experience has it actually been a good indicator of actual development competency. As DHH states: http://37signals.com/svn/posts/3071-why-we-dont-hire-program..., unless you're hiring someone to code algorithms it's not useful.
As a Director at AppNexus I've done my best to reverse this trend by asking what I consider competency questions. Such as "On a scale of 1-10, 1 being novice, 10 being creator of said technology, how would you rate yourself?" Then based on this answer I'll ask a question at that level. I find that most people screened don't actually know the basic fundamentals of the technologies they list.
After you've gotten the basics down you can then get into system-design, or thinking questions. In the case code analysis is necessary I think it's much better to present a sub-optimal pre-written function and ask the candidate what the function does, and whether and how it can be improved. In this way I know whether they understand code, and whether they're competent enough to improve.
The faster we move away from these algorithmic questions the better.