Without PL'ing, I do hiring and I haven't read a cover letter in years, and I never gave a shit about them even when I did. I check the resume, verify the pre-interview questions are answered properly, and then do a quick background check to verify this candidate wouldn't be a potential massive liability. Then phone interview, which if they pass would become an in-person interview. I find that the pre-interview questions (which generally ask basic questions about the job, or even simple reading comprehension) tend to filter out a lot of the chaff, no CV needed.
I mostly hire for technical positions and unskilled manufacturing labor if that helps.
Also, I don't have a HR background, so my approach may not be the norm among the social sciences majors that make up most hiring teams at Fortune 500 companies.