Most companies prepare you similarly well for content review though some may go about it in a more roundabout way. So go through those books carefully, with a mind towards the bigger picture. Now, the new MCAT tests mainly on scientific/logical reasoning skills based on that content knowledge. So you need to be able to apply your reasoning and logic skills towards MCAT-type questions. Therefore, you should do a lot of FLs to get the feel for the MCAT. These will also help you gauge your performance.
Most companies, but not all. The problem as I've seen it over the years, with the old MCAT as well as the new one, is that people read content from a simplified review source and they get a false sense of confidence that they understand the topics. Recalling definitions and knowing facts make a student believe they are making progress, but it's often not the case. As you point out, it's all about applications. Getting better at applying information is key. But it needs to start LONG before FLs. You should be doing this from day one. It is painful at first, but after a little while you get into the flow and you start getting very good at answering questions that mix seemingly unrelated topics.
When studying, never ask "what is the minimal amount I need to know." You have defeated yourself before you start. When choosing materials to build a preparation plan around look at the passages and the answer explanations, not the text. You do your best learning when you review questions after you've done a homework set or practice exam. Thorough review of each question is important, and this is why answer explanations are the single most important feature in whatever material you use for review. Not the length of the explanations but their utility. You have to learn how to think your way through questions, so good explanations go through the "why" for the best answer as well as the "why not" for the other answers.
There are some people, probably about 25% of the MCAT population, that can study from anything and do well. They get great scores no matter what they use. When they post their techniques and strategies, it's not always applicable. You need to find out what works best for you using trial and error and an honest assessment of your strengths and weaknesses.
What was so impressive about SN2ed was that he took the MCAT once, didn't do very well, and then made a completely new game plan based on what he summarized from SDN threads. His score obviously went up enough that he got into medical school (done by now probably). His suggestions are awesome in terms of what you need to do. You need to do tons and tons of passages and invest most of your time in a thorough postgame analysis of every question.
A good MCAT takes work and smart use of your time. Highlighting, flashcards, and equation lists are very low yield on this exam. Practicing with a broad range of passages is high yield.
