You can write a blog post explaining why any repeatable, empirical hiring method is flawed. I'll repeat that: If you can produce a repeatable, empirical method of hiring, you can also demonstrate flaws in the results. The only way to write about a process and not get shot down is to wave your hands very furiously while talking about things that can't be measured or repeatably selected like "attitude" or "fit." Things…
I would also add that (at least in heavily knowledge- and team-driven endeavors like software development) the right balance is that you should minimize bad hires as much as possible, even at the cost of missing out on many good people.
Both you and raganwald are right, but the industry standard is a practice that looks like it was created to do exactly what it should avoid. No amount of generic complaining can offset that.