I would not suggest that you sit around and study for two hours to prepare for the interview. However, I don't have the exact numbers that we found for my research projects off the top of my head. I don't want to hem and haw about my 3 greatest strengths on the spur of the moment. There are other minor points in my application that I've forgotten. But looking over a document with these things, by the end of interview season, shouldn't take more than 5-10 minutes, and then maybe another 10-15 minutes to browse the website looking for questions to ask for the next day.
While I agree that by and large the interviews really are just a conversation, for example, I did have one interviewer ask me about every single research project on my application including the three I did in college. I definitely would not have been able to remember much about those projects off the top of my head if I didn't at least glance at my cheat sheet the night before. So in retrospect, the 20-25 minutes I spent prepping for the interview was well worth it.
Personally I don't advocate going deep on pubmed stalking your interviewers, as I feel like that would come across as more weird than anything, but I don't know if that would be reasonable in other specialties