Your job hopper story is sad, but company "loyalty" is a nonsensical concept to me. You should only ever be as loyal to the company as the company would be to you. For me that means I don't consider company loyalty for one second. That being said, leaving a place too quick (or staying too long) makes you look bad so you have to way that in. Never some stupid one-way loyalty.
Of course, the other extreme are interviews where they feel it's okay to ask you questions that make it look like they only hire "geniuses" who can tell you why the mirror reflects left to right etc ...
Unfortunately salary hoppers are so common among the job hopping crowd, that its sufficient enough to say the most and nearly all job hoppers are salary hoppers.
I just told you about what works for some of us. Sure it might cost us a couple of good people who don't have a side project, but all of the people we end up getting are the problem solving type.
Recently we hired a girl, who has all brands next to her name. Hopped like 6 companies in 5 years. Endless projects to her resume and everything looks fine and dandy. After hiring her we figured she was fit for nothing. Every day she reads interview questions for about 1-2 hours. Makes calls to her friends. When asked to work, she just slacks around, force her too much and she throws in the 'harassing the girl' card. Now she wants all foreign travel opportunities to herself.
We know for sure she will quit in another 4 months, and she will get a good job too. Remember she is an expert reading those interview questions for an hour daily.
This is the regular crowd here in India that hops jobs too often. So its perfectly acceptable for the HR to ask for solid experience on a persons resume.