I've seen both, and for the company "Hire Fast, Fire Fast" seemed to be optimal - though perhaps not for the candidate.
When one drags an interview process too long they risk losing out on candidates to faster firms. However, a person's work performance and interpersonal skills are often on-display in about a month or so. This allows one to break contact, ideally with a respectable severance, and keep moving.
At the first professional job I've held, and my golden standard for an employer, they employed this approach. When one accidentally hired a screw-up or a non-team player we simply terminated their employment. The understanding being that our HR handbook is "Be an adult." Putting in rules in a company of 50 to cater to the 1 bad hire, that just punishes the 50 people who did not need the rule.