Timed coding tests... are the that valuable?

xkrebstarx writes: A buddy of mine recently applied to a "tech-giant". Before setting up a phone interview with him, the unnamed company issued a timed coding test to gauge his coding prowess. He was allotted 45 minutes to complete an undergraduate level coding assignment. I would like to ask the Slashdotters of the world if they find value in these speed-programming tests. Does coding quickly really indicate a better programmer? A better employee?

Coding should be calm, deliberate, and cautious. Writing code under pressure leads to bugs, short-sited designs, and a maintenance nightmare. Of course our employers want us to produce "more code", but is coding quickly sustainable?