With built-in flight timers becoming the norm . . .
Here in Canada we are required to record flight time and air time.
Flight time for any leg is taken straight from the Hobbs.
Air time is Hobbs minus .2 hour per leg (for runup/taxi etc.)
That is the way that I record all of my flights.
Air time is the time that we record as TBO.
Therefore the more legs we squeeze in, the more .2 hour deductions and
the longer to TBO.
I know one pilot who doesn't have a Hobbs, and who only records about
half his actual time. Having witnessed this I personally would prefer,
in the interests of safety, to see Hobbs time as a legal requirement -
rather like an oddometer reading is required for a used car sale.
It scares me to think that there may be aircraft out there with over
2000 TBO which are being sold as less than 1000 TBO.
--
Tony Roberts
PP-ASEL
VFR OTT
Night
Almost Instrument 
Cessna 172H C-GICE