Salary aside - this is the truth right here. I interviewed at a few FAANGs and I didn't have what Id call a good experience. Neither resulted in an offer. To even prepare for them was a monumental time investment. I tried it and now I can have an informed opinion on the subject. Id rather have a life than drill for random interview questions.
Side note: I have yet to personally hear or read anything about why its so great to work at one of these places where someone DOES NOT mention the money. Frankly, were it not for the money Id have never even considered interviewing at these places at all. I have come to the opinion that if it's just money, there are other more tangible ways to invest my time that will result in money. Drilling For Interviews as a money accumulation seems to me a bit like heading to the casino on the 28th of the month because you're short a few bucks for rent.
The big G, for example, already seemed like the place to go, as soon as they launched the early site (the company was obviously smarter than most of what was going on), and there was also the "don't be evil" that resonated with a lot of the prevailing sentiment among the pre-Web Internet-savvy techies. Though I suppose there might've already been a money factor from the start (it seemed like most people were crunching hard at work, but also prone to job-hopping for the hottest IPO lottery ticket at the moment), but it wasn't as clear as today.
But I understand that people who invested a lot of time (and sometimes money) on their preparation feel extremely bitter if it didn't pay out in the end. It's also unfair that some candidates (especially some who have a family or not much time off) simply may not have the time for this.
I've long been opposed to the Leetcode battery interview processes, to the point that I started asking FAANG recruiters that several years ago, and saying that was a showstopper for me, like a signal for how they treated people. Though I otherwise wanted to work at a couple of them.
After consulting levels.fyi, however, I've revised my opinion: if an employer is willing to pay a higher-level software engineer 2x the total comp they'd make most other places... whatever interview process they want suddenly becomes a rich and honored cultural tradition, to be treasured, and approached with the utmost reverence and humility. :)
That said, for people who've frittered away their discretionary time on things like open source, hobbies, family, etc., rather than drilling for FAANG interviews, the well-known "test prep" commitment for Leetcode-oriented companies is a barrier to even applying there.