Yes, I agree. I was just recently looking for a new job (and found one fairly easily, one which I'm now very happy with). There were a couple companies that I was assured were "hot right now", but which wanted me to do a silly brain-teaser code-challenge as a condition of even talking to them on the phone. I said no thanks, and I don't regret it.
So sure, maybe if you're a company that everyone wants to work for, and you're getting bombarded with resumes, you can pull off a non-traditional recruiting strategy, but for it to be workable for any company to do it, I feel like a large number of companies would have to start doing it.