I am going to go out on a limb here and say that it is not working for Google the proof is in the lack of marketable products coming out of Google. While the people that work at Google are brilliant the hiring practice filters for a certain type of prejudiced brilliance. In fact by it design it favors left brained individuals with analytical minds. Put simply Google filters out the very people that could turn cool tech into cool products.
Their is no doubt in my mind that a person like Miyamoto, Land, or Jobs would be filtered out of Google's hiring process by it's very bias towards a particular preconceived notion of brilliance. Put simply it's the hubris of brilliant people making the assumption that the definition of brilliance is the characteristics that make them brilliant. The reality is that yes, there are tough problems to solve, but not every day is filled with complex riddles. Sometimes less tangible brilliance is required and these practices leave a company devoid of those individuals.
For me personally I ask two questions when I hire and they have served me well, I ask show me something that you have built and show me the routine that you are most proud of in that code base. Passion and creativity as well as other less tangible brilliance will be displayed in talking with someone about what they have built.