I am of the belief that both online dating and speed-dating are attempts at using incredibly simple answers to an incredibly complex question. In actual practice, I'm convinced that such a complex question deserves an equally-complex answer. Perhaps it's like saying pi equals three, in that some can indeed perform well with that approach, but many of us will be far more content in the longer-term if we offer the answer that the question deserves.
That is to say, I think both methods of trying to find a partner are based on snap judgements insofar that they feel ineffective, but not necessarily "rigged" nor broken by design. People totally find love through these methods, yeah, but I'm not inclined to think they're necessarily the most efficient way to observe anything even close to the greater gestalt of someone. Maybe I'm just projecting based on my own experience?