For example, look at the answers to this Quora question about interviewing:
http://www.quora.com/How-much-time-did-you-spend-preparing-f...
The first reply mentions spending 5 weeks of studying, 2.5 hours every weekday and 8 hours on every weekend day. That's 28.5 hours of studying every week. 5 weeks of that is 142.5 hours. And he also spent time doing mock interviews.
I have a family and as a senior engineer I'm busy with work. What little free time I have is spent keeping up with new technologies. It has been many years since college. This process is basically very hostile to most senior engineers who have years of experience. I wish more companies would recognize this and change their process.