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This paper is devoted to numerical simulations of the magnetization dynamics driven by a spin-polarized current in extended ferromagnetic multilayers when a point-contact setup is used. We present (i) detailed analysis of methodological problems arising by such simulations and (ii) physical results obtained on a system similar to that studied in Rippard et al., Phys. Rev. Lett., v. 92, 027201 (2004). We demonstrate that the usage of a standard Slonczewski formalism for the phenomenological treatment of a spin-induced torque leads to a qualitative disagreement between simulation results and experimental observations and discuss possible reasons for this discrepancy.

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