I worked for Intel years ago, and a lot of things in this thread applied there: really awful institutional performance review processes (they called it "ranking and rating"; I think it's been changed a lot since I left though), and also hiring first and doing allocations later (I had no idea what exactly I'd be doing when I got hired, but I was only a couple years out of college so I was very junior anyway).
Working there had its ups and downs. I will say, that company could actually produce stuff, unlike some places I've seen. It was also really, really nice to have a cubicle, but they were "compressing" those when I left. I have no idea if they've moved to the stupid open-office plan or not since then, but I kinda doubt it actually. I really miss having a cubicle... I used to think they sucked, but after years of other office arrangements, I now long for a cubicle again (though a walled office would of course be much better, just like it'd be nice to live in a $10M mansion and have a private jet).
Anyway, the interview process at Intel back then was grueling and ridiculous, with a bunch of managers coming in and grilling me with questions on all kinds of stuff, a lot which I had no idea about (like device physics). But a couple years ago I interviewed with Google. That was probably the worst interview experience I've ever had.
Lastly, I've interviewed at and worked with some other large companies. Their interviews were nothing like Google's.
Google's interviews are not like other companies', and are not representative of large companies at all. Google's interviews are unique to Google, and have been roundly criticized by many.