Completely agree. I'm a founder CEO and we don't do whiteboard coding interviews at all in our company. Instead the candidate is given a realistic coding problem and allowed to produce working code in with as much time as they want to take (within a period of a day or two) on their own machine and using whatever reference resources they see fit to look up. This goes on while any queries about the problem, approaches, coding style etc. are answered over email/chat/phone/hangout etc. Once the candidate is satisfied with the code they designed and wrote, we have a discussion about it at a suitable time later.
It takes a bit more time and effort from the interviewer (and the interviewee too of course) but the signal strength from this exercise is so superior to the traditional whiteboard interviews that the mind simply boggles that the other form even exists.