In order to evaluate its relevance, we reconsider critically the recent proposal by Leggett and Garg to test macrorealism against quantum mechanics by resorting to experiments involving noninvasive measurement processes on a SQUID. Our conclusion is that, in spite of the fact that the proposed experiment would neither constitute a test of macrorealism nor a test of macrocontextuality, a simplified form of it represents a (presumably) feasible experiment permitting a direct test of macroscopic quantum coherence. We also analyze the proposal from the point of view of the recent attempts to build up model theories allowing to take, within a purely quantum framework, a macrorealistic position about natural phenomena, i.e., the so-called dynamical reduction models and we stress that the proposed experiment has no relevance for the dynamical reduction program, as developed so far. However consideration of the SQUID system allows one to test other possible dynamical mechanisms leading to the objectification of macroproperties which could, in principle, be operative. We also briefly sketch experimental procedures to be followed to get all relevant information concerning macrocoherence.
