I work in a really good company where we work towards deliverables. This means that you can do whatever you want throughout the day/week as long as you deliver what you said you would. We usually deliver large items twice a month on Fridays.
Pros: You definitely have a work/life balance.
Cons: It's difficult to make friends at work because they are usually offline/do the work and leave.
Someone high-up at work complained that the office was empty, and nobody was around for them to talk to. The CEO explained to the person that if this person wanted to talk to people, they need to make the effort to drive people in – the fact that nobody is coming in to talk to the in the first place means something.