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i think elance and odesk are combining here soon.
i think hiring from those places is just like hiring from anywhere else, you never really know what you are getting until you get it and use it. typically you get what you pay for, however dealing with certain cultural differences can create problems(ie; countries where IP theft isnt frowned upon and hard to prosecute, for instance). all of the Indians and Pakistanis i have worked with seemed to take forever, the Ukrainians/Romanians always build backdoors into everything, and both seem to steal source code. However all nationalities take off more then they can chew and disappear half way through projects. Likewise you could hire someone to come into your office and get the exact same results mentioned above.
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