To me the value in a take-home test is in smoke testing what the applicant said they are familiar with. We once accidentally hired someone once who talked the talk but didn't even know SSH.
My test involves a basic task (that is related and already implemented in our codebase). You have to check out a skeleton project, add the solution, build it, and deploy it. The test takes me about 30 minutes and most applicants spend 60-90 on it. Everyone on the team reviews the test and the criteria is essentially "do you want to work with this person". It's very rare for someone to pass the test (which occurs between a phone screen and an in-person interview) and not get an offer. The exceptions have all been around compensation issues.
My test involves a basic task (that is related and already implemented in our codebase). You have to check out a skeleton project, add the solution, build it, and deploy it. The test takes me about 30 minutes and most applicants spend 60-90 on it. Everyone on the team reviews the test and the criteria is essentially "do you want to work with this person". It's very rare for someone to pass the test (which occurs between a phone screen and an in-person interview) and not get an offer. The exceptions have all been around compensation issues.