>I don't think this assertion that the technical interview is inherently filtering out great candidates is being very honest

There are plenty of people telling you the same thing, you just don't want to hear it. Here's a data point. I would never do it unless I was absolutely desperate. I mean about to lose the house desperate. There are just too many other companies around.

I mean if you are trying to pay junior rates and maybe pull a decent mid-level guy, it may be a good tactic. If you are at all interested in top talent, you'll turn many if not most of them away. Unless your company offers something no other company in the area offers, tops generally have no time or patience for that, especially if they just handed you a loaded resume with tons of references.

If you're just a boring ole company like all the other companies, believe me, you're turning top people away.