++ tracking performance with timesheets is not a good thing at all. But I had the unpleasent experience of being mesured that way.
The result was that people started to simply to be on time with "implementation" by skipping parts of it and the things that weren't finished in the initial coding phase was pushed on to bug-fixing(unfinished implementation details are bugs right?). The result of this was a drop in code quality because the allocated time for bugs wasn't enough due to the covering of the delay in the initial implementation of code.
Time based metric is even worse than LOC count measuring.