IMO, having interviewed hundreds of candidates, whiteboard coding selects works very well for hiring a very specific type of fresh-out-of-CS-undergrad student, but it breaks down in almost every other scenario.

For more experienced candidates, we've swapped out most of the whiteboard questions for several other types of interviews, including in-depth technical discussion of one of their past projects, a discussion of how to architect a non-trivial system, and a more soft-skills interview on how they work with others, break down projects, and so on. This gives us a much rounder picture of a candidate, and allows candidates who are very good at something to shine a bit more.