A lot of people find it within their own self interest to work somewhere that is careful about hiring. Personally, I find that job satisfaction depends a lot on who my colleagues are.
And I don't think this hiring practice precludes employees from evaluating other offers - if a company goes through this process and decides to extend an offer (and they're growing fast), they're likely to be willing to hold the offer for you while you evaluate other opportunities.
And I don't think this hiring practice precludes employees from evaluating other offers - if a company goes through this process and decides to extend an offer (and they're growing fast), they're likely to be willing to hold the offer for you while you evaluate other opportunities.