I think it's batsh!t insane that (apparently) so many people are so willing to go through this type of process, and to go through it n times until they land a job.
In the context of making a hiring decision, I would be skeptical of anybody who would subject himself or herself to this insanity. Then again, I'm not looking to hire people who are willing to chain themselves to a workstation and code 12 hours a day in exchange for access to a foosball table and catered meals.