Recruiter calls again a year or so after the fact. "You did well in your prior interview, but things didn't line up. Interested in coming back in?" Me - "The last impression left a pretty bad taste in my mouth. Not at this time."
Note - I was on internal referral as well as had apparently incredibly impressed the "phone screen" person (whatever that means). Of anywhere I have talked with, GOOG has been at the bottom of list in overall experience.
Also consider the fact that most companies are not google and don't have the same unlimited streams of top candidates coming in the door (is that even true for google any longer ?). A smaller operation (ie. the typical hn population) needs to work much harder to avoid false negatives. One way of doing that is to optimize the hiring process to allow a good candidate to shine vs the Google way of putting the candidate through endless abuse (I know what I speak of).
I doubt Google's false positives are better than anybody else's.
And if you are reliant on the false negatives coming back, and not being put off by the process, to keep your pipeline full of high-quality candidates, surely that has to be a risky approach longer-term. As Google loses its fast-growing-exciting-upstart reputation, and competition for engineers gets tougher, -- it's gradually going to get harder and harder to convince the best of the false negatives to come back into the process again.
By having an efficient technical interview process, yes, you let good candidates go. Just as you do by only having certain target universities or requiring certain experience. But they don't give a fuck. They get 1000 applications a day. Hundreds of internal referrals. If they were to reject the ~100 candidates/week that get hired based off doing well in their technical interview and take the next 100, Google Engineering would be just as well off. Maybe better. (Harvard says the same thing about its incoming classes).
No technical interview will ever be perfect. But if you have a holistic process that is 50% based on past experience, and 50% based on being a top 10% performer in well-designed technical interviews (among other factors), that's usually good enough to take a bet on the candidate.