I used to have the "trial period" mentality even though I didn't have an answer for the "that's starting out on the wrong foot" skepticism.

But recently, a smarter-than-me CEO shared his hiring practice and he has won me over. He proposes: hire the candidate as a full-time employee and offer the candidate the salary/equity package as if the candidate has achieved his full potential. Then, if the candidate works out as expected, then everything is well. But on the other hand, if the new hire turns out to be sub-par, it would be a lot easier for you to let him or her go. Because it'll simply be too expansive to keep a sub-par employee around at the compensation package you offered.

I think this is a great implementation of the hire fast and fire fast philosophy.