Haven't really looked into the current test but it seems to have more theory than when I took it. After pulling into the test center and while still in the car, the examiner asked me three simple questions (well, simple if you know the answers, I suppose) and that was that.
As I said in another thread recently, it helps when you have to do an emergency stop for real during the exam and miss a small boy running in front of you! Couldn't really be failed after that, could I?
As for the IAM, I would recommend to any new driver to continue training because the instructors teach you to pass a test, not to drive a car. I check my rear-view much more than required for the test because there are so many manic drivers around that it is vital to know where the bastiches are! Learning to drive defensively is critical to your safety and your insurance premiums.