Some interviewers (not just the "homework") raise their bar by not allowing you to make any tiny mistake. And I just don't get it. If someone is good enough to write something like a lite version of Hacker New website in hours, I'm not going to turn him/her down because of such mistake.
I did interviews at a company for about 2 years and there was constant pressure from management to do trivial crap like that, it finally came to a head and I invited management and one of the "rockstars" to do a mock interview.
When it was evident that the person they thought of as a "rockstar" could not solve these tests(without prior knowledge of the problems), they immediately discounted them as a worthless and stopped bugging me (about that, of course not about everything else).
If I found bit shifting in an interview code sample as a replacement for basic multiplication, I would ask the developer why they chose to do it that way. They'll either a) calmly explain that their computer science classes taught it that way or it's a habit they've adopted after writing code for embedded systems or similar where the optimization actually made a difference, or b) their ego will make an appearance with a "because I'm so senior" attitude. The latter is not a good sign.