That sets up a separate field. Not good.
I found this on another forum..
When you say "in place of", if you mean "in stead of", the answer is "NO"! It may work for a while under perfect situations, but you will find times when your electrical equipment will not work properly,and most important, it is dangerous. This could cause equipment damage, electric shock, or death.
The role of the neutral conductor is three fold:
(1) the neutral carries the difference or balance of current between the two hot legs. For example, if leg A has 50 amps, and leg B has 40 amps, then the neutral will have 10 amps.
(2) the neutral conductor is bonded to the earth or ground at the source only for personal protection purposes and in case of lightning strikes.
(3) the neutral conductor keeps the voltage of all 120 volt circuits steady. The ground rod only will have a resistance that will vary with ground moisture, dryness, etc. Some lights will get dim while other lights will get bright. Some incandescent light bulbs will "blow". Some electric motors will slow down while others will get faster. Because voltages will get low and then high, all electric appliances rated at 110 or 120 will be damaged eventually.
If you try to use the ground rod only without a neutral conductor from main panel to power source, then all neutral current will seek for a path back to the source through the earth and every other source it can find. You will begin to receive shocks around the house. Sometimes it may be slight tingles while other times it may be severe.
http://answers.yahoo.com/question/index?qid=20130914073527AApSHje
Yes I do agree with this, IMHO no ground is better than a separate ground.
All this talk in this thread just reminded me my personal system is not grounded, oops. In my defense it was freezing cold out when I installed it here, lol. Mine's installed right by my electric meter so I have no excuse, lol.