Yes, it is the place. They are good, just happen to be way cheaper because they do not live in USA.
oDesk is not the place to sell yourself if you’re in so-called first world.
oDesk is totally the place to sell yourself if you’re in Philippines or Ukraine.
My developer works in a bank during the day, and does work for me during the evenings. He makes more from my project than in the bank, and the quality of work as good as from any other developer with 5+ years in the particular technology. I can tell because I have some 15 years with the same technology.