I think V02 Max is the gold standard for evaluating physical fitness currently. Resting heart rate and post exercise heart rate drop are also good. Of the Marine tests I can see the timed running test, but counting pull ups and crunches seem kind of silly.
Sounds like a good test...if the Marines are going into battle against a bunch of aerobics instructors. Does the VO2 measure upper body strength?
I do enjoy the mental image of a battalion of Marines lining up on treadmills with that contraption strapped to their face, however.