What about a pair-programming session? Even having failed some pair-programming interviews, I've felt at least like it was a fair assessment. It's an equal time investment between myself and the company, working on something pertinent to what I would be doing, in a realistic environment.

Contrast to whiteboard interviews where I've been assessed on how to calculate the number of moves of a knight on a chessboard given position X to position Y on a whiteboard in front of three people as a front-end developer. Contrast to take-home interviews which basically function as a way for the interviewing company to save on time and money by putting the whole time-investment on the interviewee.