A PDF officer involved in the process has told me all parts of the fitness test are pass or fail, if you don't meet the targets you're cut. He also said that there is no advantage in exceeding the targets set out in the fitness test, the guy in charge simply puts 'pass' or 'fail' on his sheet.
My last fitness test (a couple of years ago) was done out at the polo grounds in the Phoenix Park, you ran outside on the pitch.