The story - well, we spend hours upon hours in the tac syllabus teaching it, coming up with our own scary stories (and luckily no mishaps) to run through maneuvers that have little value in an actual combat scenario. Dash 2 should know where he needs to be from your brief and put his aircraft there. Enough said. Things also get more complicated when you have more than 2 aircraft in a formation. Finally, good luck making any of those radio calls with chatter on multiple radios and potential jamming. The time is better spent nav'ing sans GPS and practicing form landings.
Concur, all they do is teach some principles of maneuverability and energy management that any good HAC can teach in the process of flying any other night lvl 2 or 3 flight. (But in a more dangrous setting due to how they end up being done) Learning how to navigate is a dying art. Lots of training time can be better spent in other areas.