Why not? Make it a test that is easy to score and then finding people who do well on it and are interested in working for you is rather high, no?
I want to hire someone to do a job. That job requires a base level of competence. If they exceed that level such that I think they will bring positive value to the company I vote to hire them. I don't care about their motivation or "passion" beyond what is required to take them over that bar.
I don't see it as a waste of time; it's about the potential payoff, which is a (presumably) better job with better opportunities. I wouldn't apply to a job unless I was reasonably sure I wanted to work there anyway. I might be very lucky in that I've worked for good companies in the past few years and the only reason I'd leave one of these companies is for a much much better one. Usually when I leave a job, I've become bored of the problem domain anyway and am looking to solve new problems.
Disclosure: 31 year old man, no kids, I live with my partner.
On the other hand, when I am looking for a job (I am unhappy at the current job ) I go far and wide as I am applying to multiple companies. In this situation I talk to the ones that ask for interviews first, as they appear more committed, and push all the tests after the interviews. From my limited experience, by the time the interviews clear up I have at least a couple of offers on hand. Offers I can identify with people I've been talking to, the environment I've seen, the location, the projects etc. Spending several days on tests, which, at best will bring an interview, which may or may not lead to an offer, which, in its turn, may or may not be better than the offers I already have now looks like plain gamble to me. So I take the best offer instead of doing any tests.
I hate to be that guy, but everything changes when you have kids. Trust me, a spare hour when you have nothing better to do than jump through some hoop for a company is an extremely rare luxury item when you've got little ones. I love solving problems too, but there aren't any technical problems as interesting as reading a book to your snuggly little human(s). :)
c.f. http://blog.codinghorror.com/on-parenthood/ (not about interviewing, but filter your thoughts about free time through the perspective that article provides...)