RentACoder Losing Street Cred?

Itninja writes, "Having used RAC several times in the past (as a buyer), I was shocked by a recent experience. I did a bit of looking around to see if I was the only one having problems with Rent-A-Coder. Apparently, I'm not." From the article: "This unfairness of RAC fees motivates the majority of coders to negotiate payment outside the scope of RAC which amounts to you and coder getting a better deal. For example, I have several coders that I fully trust willing to work on projects on a monthly basis because it is easier for him to deal with established clients than to have to bid for projects all the time. It saves me time and trouble because I can work with a person that I trust and he knows what is expected." A comment to this posting links a discussion of RAC at Google Groups, and there the service has its defenders. What has your experience of RAC been, either as a buyer or as a coder?