Pay for time doesn't work for either an honest worker or an honest client as you just can not sit on your computer for 8 hours continuously that is not how work is done in offices, people need some breaks & refreshments etc to keep going. When someone comes in an office he is not glued to the screen full 8 hours, he also takes tea, talks with his colleagues or may also play a ping pong game, all within the 9 to 6 time frame. This just doesn't work and an awful way to work, I started to hurt my back, hips due to contant siting without moving and then had to away from this hourly slavery.
While if you aren't an honest worker its just easy, keep the tracker open with some kid and let them click on many places to get the hours billed.
Also if you are not an honest client, its very easy for you to post a fixed price project and get the work for free without ever paying the freelancer...
So in essence, odesk is designed for cheats/frauds from both sides, if you want to have a smooth experience with your project, stay away!