How do we encourage true meritocracy? Open Source is one thing that can do this for programming. It enables a programmer's output to be evaluated in detail by all. Blogs might do this as well.
That's the supporting theory. The problem is that this eliminates both the majority of the unqualified applicants and a large number of the very top applicants. Suitable for a big company? Sure. For a startup or more ambitious company? Unlikely.