It wouldn't replace Bruce runs.
It would replace boring, non-interactive jobs like SHI making them more like sallary jobs. And I'm thinking you'de only be allowed to have one place of 'employment'. When you start working at the Drome, your 'offline SHI' option disapears, because you'll now make much more at the Drome. Likewise when you begin that new Teksoft Job... Bottom line is you'll only have one place of employment avalible to you. And chances are the employer will be paying you once a week. It's likely SHI will do the same. And they'll likely be depositing directly into your bank account... the same place this system will likely draw from first for expenses.
As for how you could 'realistically' say you worked:
It's like going to the bathroom: You never actually do it unless someone's there to RP it with. Same with this: You never actually 'go' to work unless your online. But it's assumed that in your off hours you did in fact take a large healthy crap... I mean work.
We will trade immigination for realisim and take certian liberties in the cases where it promotes RP, and eliminates an undesireable and unnecessary aspect of the game.
But obviously there has to be a ton of checks, and ballences that's put into this before we can rely on it... Like the problems Johnny mentioned. Perhaps a solution to that would be that you do have to show up for work on occasion, and make your presence known there. Or perhaps a more aspect-oriented approach is desireable.
I'de love to hear more thoughts, questions, suggestions, comments, and ideas for this, as we obviously don't have all the answers yet.
-Kevlar