Or have I misread your post, and you mean something else?
1. Do you want a team member who can plan, investigate and research unforeseen problems, brainstorm and contribute to the code? Then the one on whiteboards is bullshit UNLESS it is a brainstorming question - with a laptop next to it - and you are both working on the problem together - and ideally neither of you know the answer.
2. Or does you company have a clear knowledge of what lines of code are needed to be written for the next 5 years. Then sure, go ahead and do the whiteboard interview. Or just train a monkey, at least they are cute and cheap.
A whiteboard interview typically just tests memory recall under a stressed situation. It might be what you need if you require a hacker for a Die Hard sequel where there is only 90seconds to figure out how to line up the encrypted polycube nano-algorithm before nuclear meltdown is initiated. Or if you require a monkey.
Examples:
(1) Do people in this job regularly write code on the whiteboard? Lack access to a search engine? No. Then don't do it in the interview.
(2) Do people in the job design spice racks for blind people? No. Then don't ask them to do this in the interview.
(3) Do people in the job regularly find themselves coding something on the level of fizz buzz? Yes? Go ahead and ask!
(4) Do people in the job regularly find themselves writing code to traverse linked lists? Find loops in graphs? Yes? Go ahead and ask.
Verify people have the skills they need to do the job you're hiring for. It really really is as simple as that.