This has been discussed in great detail on other flight forums.
Disregard the text on the video description as it's blatantly wrong (describing that the trim tabs still move without the wheels moving; wrong on two accounts: the trim doesn't move without the wheels moving and the 737 uses a jackscrew for horizontal stabilizer trim rather than trim tabs [which is why the pilot can't simply override the aerodynamic force as they could with a trim tab])
Jackscrew operation: https://www.youtube.com/watch?v=rxPa9A-k2xY
The 7-3 has balance tabs to make the control forces lighter in the event of a hydraulics failure, but these are not trim tabs in any sense of the word.
Sure, the correct response is to follow the checklist, but should we really rely on pilots always knowing the correct response? Especially when that goes against their previous experience? Not that I am defending these pilots not knowing the checklists, instead I am arguing we should take into account learning from experience rather than theory.
1. Control column ............................. Hold firmly
2. Autopilot (if engaged) ..................... Disengage
3. IF the runaway stops:
------------------------ [done]
4. IF the runaway continues:
STAB TRIM CUTOUT switches (both) ...... CUTOUT
IF the runaway continues:
Stabilizer trim wheel ............ Grasp and hold
EDIT:
It's #4 that's of interest here. People saying that the interface changed are saying that it's fine if pilots stop after #1, even when dealing with runaway stabilizer for 12 minutes.