A skilled interviewer can take the classic CS interview questions and combine them or take them in unexpected directions. Memorizing the solutions won't help with that, and it'll quickly become clear if your understanding is shallow.

Of course, that doesn't really change the fact that the content of the questions has little to do with the work you'll end up doing. But I've done brainstorming with coworkers, and none of us had any ideas for interview approaches that would work better--except maybe those 2-day take-home projects that everybody hates. I think I remember a paper claiming that random acceptance would work about as well as the current interview process.