There are also plenty of ways of circumventing this. Since a test taker is evaluated not just by his answers, but also by the process of inputting his answers, that itself could also be faked away.
While I don't think the point of this idea is to evaluate the candidate's personality, I'm wondering if the founders thought about this. Is this going to be left to the companies to figure out on their own, or are the founders going to assist in this? What I don't like is the idea of encouraging employers to filter candidates by coding skills first, then personality. As a project manager, I've dealt with my fair share of really intelligent but lazy, egotistical engineers and thinking back I wouldn't really hire them had I known about their personalities earlier. I would rather hire engineers with B+ coding skills and A+ personalities, than engineers with A+ coding skills by B+ personalities.