I think you need to grow up some and experience this from the other side. In the past I've felt the same kind of contempt for this process, but after having experienced being on the other side I respect the difficulty in identifying(accuratly) good candidates.
Honestly I don't think I need to do, I have interviewed many people for doing very code heavy research projects and not once have I felt asking them to do a white-board code exercise would have contributed to my evaluation meaningfully.
