I personally wear a yarmulke, am at a big NY law firm, and can tell you that yes, it means all those things (less availability, food requirements, etc), but it also means a guaranteed hard worker (to make up for the lost time, I come in Sundays, etc), a person who has dealt with not one curriculum for his entire life, but two (twice as much as most other candidates), and though not without exception: an honest person with integrity, a character trait that may or may not be inculcated as much if I were not a religious Jew*; etc.
I think recruiters know that, and I think that in some instances, a religious Jew actually has a better chance.
*I am, of course, not saying people who are not religious Jews cannot be honest, please don't interpret it that way.