Okay, that just makes a ton of sense. I've never worked for a big company like that, and hadn't considered the latency issue that can be worked around by general interviewing.
With that said, it doesn't change my opinion of it being a time waste for me. I have a career, I know, more or less, what I want to work on next, and I have no interest in devoting a month (seriously, Google recommended taking that long to come up to speed on interview questions) of study to interview for who knows what position, especially when the whole system is gamed towards rejecting false negatives.