Depends on the pay. If more companies start doing this, then you can imagine having to slog through 10-20 of these as an applicant will increase the time to find a job significantly. Most people don't get hired off of their first successful round of interviews. If the company pays as much as the job salary itself then I am fine with this.
Adding up all the overhead and stuff that comes before and after, we're talking about an interview process that's 3 full work days. That seems a lot, even when you're paying people. People will either have to take days off their job or sacrifice weekends.
It is a time commitment. We did have four separate exercises and they could be taken individually. So someone could do them a few evenings in a row or all in one day. Whatever worked best for them.