How to show nodes of a content type using contextual filters as filters?
After hours of tinkering here is my solution to the above. If anyone has the same requirement this will help:

Drupal 7.16, views-7.x-3.5

The View Setup :


The result (sample 1): 



Sample 2: 


No other settings required. Even in the section "WHEN THE FILTER VALUE IS NOT IN THE URL" does not matter, what seems to be important is you set the validation to always return TRUE regardless. 

The path of this view is set to /myreports/%

Perhaps, the filter value in the URL that was found will be validated to always true. Then resolves to using this as a normal filter, as is the case with the normal filter setting. Hence, Filter content type = events (or jobs).