The new job interview?

This blog post from the Harvard Business Review poses some interesting questions about the future of the job interview. Projects Are the New Job Interviews by blogger Michael Schrage is a look at what the future of the job interview may look like.

Some have expressed concern about this possible change in the interviewing paradigm. But I see the potential. First, as the author states you as the candidate would be paid something for your time and creative contributor to the project. While this may not be as high as you could get for a similar effort as an independent contractor giving the same effort lets break this down:

currently as a job seeker we spend a great deal of time searching for the jobs, preparing resumes and cover letters for each job, researching each position/company for each interview, taking the time to travel to and interview with the company, then the time/effort of thank you's and follow up with each member of the company you interviewed with. Now many of these things will still hold if this new paradigm is realized... but instead of spending conservatively anywhere from 25 - 50 hours invested (at $7.25 per hour minimum wage...) somewhere around $180 - $360 per job interview. Now if you tell me that for some (eventually many) jobs that I interview for there is not only the potential of a full time job at the end of the process, but also I might make a few hundred dollars for my efforts I think it could be a positive for business.

Second some critics suggest that companies will conduct 'interviews' to get the cheap labor for these projects. This is unlikely, given that to conduct this 'interview' would still cost more than the discounted labor you might receive from two or three finalists for the position. Over at Investopedia they explain why hiring can be slow, due to direct and indirect costs of the hiring process.

What do others think about this potential change in hiring? Good or bad?