I had a job once in which I had to sit in on loads of job interviews as part of the panel, but I wasn't really the key player in making the decisions - I was there more to ensure consistent and correct process. It was a fascinating experience. What jumped out is that there's always a specific situation going on for the employer that the new person will have to step into, so that the employer always has a strong idea of the kind of person they need, but the interviewee doesn't and can't know any of that.
It made me much more relaxed about getting interviewed myself. You can't know what they're after, so you just need to present who you are and what you can do in a clear and friendly way, and if it lines up with what they need then great, and if not then there's nothing you can do about that. We turned down loads of great people because they weren't quite what was needed - no reflection on them at all.