Need to control Main AC 240V oven from Arduino

Once you have a method of switching the power to the oven, either by chopping up the AC power cycle or by on/off bursts of multiple cycles, how are you actually going to control the temperature ?
Are you going to have some sort of thermostat which simply controls the on/off bursts or are you going to measure the instantaneous temperature and regulate the power delivery accordingly using some sort of PID (proportional integral derivative) controller or similar algorithm?