The problem is not the talented younger developers. It's the not-so-talented ones. At least they keep us old guys in business to clean up the mess afterwards but this is quite a problem in some fields. The talented younger developers are doing quite well by themselves. I get to meet them in small groups every now and then and some of what I find blows me away.
I can't really see this being any use at all for finding a really talented, experienced developer. Any half-assed developer should be able to do these little puzzles with a little research.
The really hackerish stuff can't be tested for in a format like this.