Hobbs time is an FAA requirement - which does have the effect of making US hours look cheaper than UK hours. In the UK, the 'correct' way of logging is chock to chock (ANO article 129). The CAA wear schools using a notional chock to chock, as long as it doesn't exceed actual. Schools vary what they use - I've come across +10 min, +15 min, +.1, and +.15.
I still maintain that the average professional instructor in the UK (ie someone who is likely to be working at a commercial school rather than a flying club) is in a different league in terms of experience and training to the average FAA instructor doing a similar job. That's based on my experience of working in both countries.
You pay's your money and you takes your choice.
[This message has been edited by fibod (edited 14 June 2001).]