I don't mind how onerous the process is. Just consider the ramifications of the alternative. My guess is that indivudualized essays and information forms, coupled with high application fees, go a long way to tamp down on the number of applications flooding the market. They also motivate candidates to apply only to schools to which candidates are genuinely interested, as opposed to every school to which they've got a non-zero probability of admission.
Also, preventing "application flooding" gives the admissions committees more time to evaluate each candidate and allows them to judge us on a wider, more nuanced range of factors. This allows them to look past the superficial resume highlights and better assess a candidate's true potential. While the extra work above-and-beyond a common application amounts to a definite hassle and a major headache, if it gives the admissions committee the proper time and information to adequately assess me, I'm all for it.
I'd hate for business school to become like law school, where admissions decisions are basically done on a GPA/LSAT index.