I'm fine with tests, but only if companies pay a standard fee (say, $100) for a dev's time. If a company doesn't respect your time during the interview process, it probably won't while you're on the job.
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That's exactly my problem with take-home code challenges. If I go to an interview, and they waste my time, they have to waste their own. But with a take-home assignment, they can waste my time without wasting their own. That may lead them to be more wasteful of my time.