http://www.matasano.com/careers
This sounds onerous, but it is less onerous than the normal dev hiring process, which involves an onsite interview that eats the whole day. We did on-site interviews, but they took just 2.5 hours to complete; candidates would be out at lunch. Essentially, we were shifting some of the time candidates would spend sweating in a conference room to their couch instead.
There are bad work-sample tests. "Bad" comes in a variety of flavors. I think bad work sample tests will out-predict the median interview. But there's a lot of room to optimize and improve this process, sure.