Ask Slashdot: Are Timed Coding Tests Valuable?

First time accepted submitter xkrebstarx writes "A buddy of mine recently applied to a large tech company. Before setting up a phone interview with him, the unnamed company issued a timed coding test to gauge his coding prowess. He was allotted 45 minutes to complete an undergraduate level coding assignment. I would like to ask the Slashdotters of the world if they find value in these speed-programming tests. Does coding quickly really indicate a better programmer? A better employee?"