You'd imagine that, but you'd be wrong - there are a great many technical employees who don't realize they are way out of their league and will apply anyway.
"Hey, I've got 'two years of experience with .NET'! I remember, because it was my birthday last week and on my birthday two years ago I wrote a little digital clock app from a tutorial I found in a magazine. Man, who ever thought ten minutes in Notepad would net me a $100k job! I'm totally going to apply, and when I get this job I'm never working at another Burger King again!"
Haven't been on the hiring side, but in my experience as an applicant years-of-experience requirements are often inflated and represent wishful thinking. I'll usually apply to anything that lists within 50% or so of what I have, and often still get called in for interviews despite my resume clearly showing I don't meet the nominal criteria.
And on the flip side I've seen a lot of arrogant people on the hiring side who think a given applicant is way out of their league -- but the applicant isn't. It's just that the hiring side folks have preconceived notions, stereotypes and "goggles" distorting their judgment. So, it works both ways.
