My comment could likely be seen as dismissive or arrogant. I get that. My biggest problem is that because people still fail, this is the interview equivalent of patty cake: awkward, childish, and unrewarding (unless you're a 2 year old).
To be quite honest, I don't quite understand my disdain for the problem. It's simple enough that it can be solved a number of ways quickly and gets you to express at least the fundamentals of development in a particular language.
This exercise is an excellent opportunity for a number of things:
If you believe my time tracking is accurate, it should demonstrate at least some proficiency in languages I know and how quickly I can at least have a basic understanding of the ones I don't.
Note: I'm using http://rosettacode.org/wiki/FizzBuzz as a language guide only. If you see me follow a specific example, punch me in the nuts.
The best description of the problem can be found here, specifically (altered for this example):
Write a program that prints the numbers from 1 to 100. But for multiples of three print "Jazz" instead of the number and for the multiples of five print "Hands". For numbers which are multiples of both three and five print "JazzHands".
This brings up some excellent points. I'm definitely not above FizzBuzz or live coding but I still can't pinpoint why I have beef with this particular problem.
I honestly can't remember the last time I've actually tackled this problem so the potential to look really foolish, at least at the beginning, is pretty high.