I've used it extensively as an employer. I've found a few real gems that I would love to hire full-time someday, but lately I've been having a very hard time finding quality talent. I've had four hires in a row that accepted the job and then completely dropped off the face of the earth afterwards.

I've also run into quite a few contractors who lie about their skill set--hoping, I assume, to get ANY kind of work and then learn it as they go. It makes ramping someone up kind of frustrating... but once you find someone good to work with I've had nothing bad to say about it.

yes. started with $8/hr in 2008 just to get first feedback on a profile when I was back in Belarus and now charging $100/hr. While it is not full time now - I am really satified with the fact I am working on what I like and get paid really well for that.

and oDesk gave me ability to get in USA (found my future H-1b sponsor on oDesk.) so I have personal bias :)

I've hired about ten people through oDesk; it took about a year before I got good at it (and I wasted a lot of money in doing so) but there are good people there.

As ever, good communication is key (I insist on them being in a campfire room with me whilst working so problems can be dealt with immediately).

EDIT: sorry, just noticed you said "found work", so my answer isn't really relevant.

I've been on the platform for about 6 months now, and I've found quite satisfying work and generally cooperative clients.

I've found contractors through oDesk and been satisfied. And I presume most of them felt the same way.

I found a very big client and now work for 3 times my (quite low) starting rate.

oDesk is huge, it represents the market. There is lots of sh*t, but also lots of good clients and developers.