Benefits/Drawbacks of Team Interviews

For instance:

(1) Three to four people will review the applications and make recommendations on who to interview.

(2) Then, an interview committee of 3-5 people (which is different than those who reviewed the applications) interviews the candidates. This committee narrows the list of candidates to 2 or 3.

(3) The candidates are then asked to make a 15 minute presentation (on something relevant to the job) to the entire work group or division (they score the candidates on a score sheet).

(4) The interview committee convenes again to review the input from the team/divisional members. This committee makes the recommendation to hire one of the candidates.

(5) The final candidate is interviewed by the HR Director and one other staff member from the exec level.

(6) The HR Director then makes an offer of employment, OR denies the candidate (in which case the #2 candidate is interviewed by the HR Director).

What might be a benefit of this process? What might be a drawback? Overall, is this a better process than a 'standard' process of all candidates being interviewed by the head of a division only?