I don't understand how take home interviews are being held up as a better solution. They have two major flaws:
They lower the cost for the company to zero. So they can widen their pool, and take a chance on more candidates, with no extra cost incurred for them. If you take this to the extreme – every company asking every candidate to complete a take home – then the result is far worse for candidates.
There is no feedback mechanism for candidates during the process. I can say "you shouldn't spend more than two hours on this" until I'm blue in the face, but candidates think they need to polish far beyond what is reasonable. On occasions where we had a system for capturing progress, I found that most candidates far exceeded the time recommended to them. Some were spending up to six hours. The frustrating thing was the extra time never made a difference to the outcome. I could tell from their initial hour whether they were going to pass.
As a hiring manager I've used them, but work hard to be considerate to the candidate. I'd prefer to design a better in person interview than take the easy route that is disrespectful of candidates' time.