I train by distance. An IM is 2.4/112/26.2 fixed distance, why not prepare for it using fixed known distances? Not to mention the absurdity of running a fixed 2.5 hour time...for an elite that's >27 miles...for a slug like I used to be that's 12.5 miles. Silly.
It's way easier to fudge when running by time, and impossible to really judge relative performance unless you use a GPS. Otherwise you can't really tell how far you have gone and how fast unless you are lucky enough to have a clearly and regularly marked running path. For the rest of us, specific waypoints with known distances (3.5 miles to the water fountain, +1.56 miles to the intersection, +1.56 back, +3.5 home = 10.1 miles) is the only way to go.
Same thing with the bike, it's 20.15 miles round trip to one intersection near my house. I can easily judge my relative performance on this segment compared to previous days if I ride the whole distance. Anything else just doesn't make much sense.