I don't think that being able to describe an algorithm you haven't had to implement in more than decade (at least, that would be the case for me, college is starting to be a long time ago for me).
Honestly right now, without looking up the answer, I probably can't reverse a binary tree on a whiteboard. I could, however, do it by test driving a solution with a real computer (I haven't flexed those muscles in a long time, but test driving would help me dig into the recesses of my brain).
Which skill set is more useful for production quality software? I can say for sure that it's not white boarding.