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Interesting question. And I think this question of "what should I expect" will get different answers than "I'm the boss, but is it OK to just enter or should I wait?" In other words, what should happen and what should you expect to happen are likely to be different.
In my specific case, I know the companies that are doing this enough that I don't think it is out of laziness. After all, they had the job posting there at one point (they already did the work) and then removed it. But I'm sure there are other companies that do it for this very reason. They're probably doing it for one of the other reasons you've listed. At any rate, I think this is a great answer.
There's got to be a legitimate reason beyond just inexperience. Two of the three that I've seen recently actually switched away from displaying the information directly, and started asking for you to contact them.
Interesting. I hadn't thought of that, Joel. That's probably the case for at least some of the ones I've seen, now that you mention it. To be fair, though, I know at least a few of them that are too small of companies (and as far as I can tell, too little turnover) to be "job farms".