To be honest, I have not had any luck using Freelancer.com, and it looks like I may not be alone. The website has recently launched a local section to the site, and I think it makes sense. As an employer, it would probably be nice to be able to find a freelancer to do a little work for you who does not live in India or Eastern Europe. Also, as a freelancer, I'd love to find the employers who want someone local rather than those looking to cut all costs with outsourcing overseas.
I honestly cannot compete with the IT guys from India. I'm not saying they're bad people, but they bid on jobs that pay about 1/10th what I have to make in order to be solvent (and I'm not overcharging). However, those guys are not from Milwaukee, or Wisconsin, or the United States, and, even those who do show up have some trouble communicating. Therefore, some companies could be looking to cut expenses while maintaining local contacts.
If you're looking to sign up for an account as a freelancer or as an employer, check out Freelancer.com and their new attempt at local connections. I will try it out, but I am frankly no longer bidding on most other jobs, since the time I spend searching and bidding costs me more than I could generally make back because of such low bids by others.