I think the best approach would be options for different people to choose.

Think you can pass a hardcore whiteboard interview? Go for it.

Would you rather spend a day and solve a real problem we have? Lets see what you got.

Think you have the attitude, just not the knowledge to match our exceptions yet? Do you have time for an internship? Ok cool. Lets play.

One size fits all is a bad idea for interviews. Just as how teachers test their students.