I recently saw a web product manager position at a company close to me that looked interesting. So I decided "What the hell? I'll throw my resume into the hat" and proceeded to their careers page. I found the job fairly easily (i had the req #) then clicked to apply. This is where things started to go wrong. First, the form it leaded me to was not Firefox compatible (bad rendering) so I had to switch to IE. Second, they had a weird system for importing your resume and converting into the application form. This resulted in only partial or wrong information being populated into the form fields. I corrected the information and hit the submit button. As a should have guessed, a bunch of validation errors came back (you didn't do this, you didn't click that...etc.). Right then a completely obvious question and immediate answer came to me. Do I really want to work for this company? Hell no! If I'm applying for a supposed web-related position and you can't even give a working web form then I'm not your man.
If you want to recruit talent, you have to impress (just a little bit) and show some respect to your potential candidates. Otherwise you are only going to get those desperate enough to fill out you buggy form.