My verbal on test day was exactly same as pp, my math was 5 pts higher than pp.
I would say the test is VERY similar to powerprep, it is a fair estimate of your score. I did better in math because I worked on it slowly doing powerprep at home and ran out of time and took it seriously on test day.
If you are in engineering, math cutoff is usually 160 for top 50, verbal needs to be at least 150. Not sure about other majors.