Pros
There are flexible work arrangements allowed for certain employees for maternity leave, paternity leave, jury duty, secondments, sabbaticals, global travel, medical leave, and other personal days. In addition, some chosen few employees are allowed to work from home when they feel the need. In fact there is one case where an employee is allowed to come into the office a few times a month if they feel up for it.
Cons
When the heretofore mentioned employee works from home the preferred method of communication is to phone in a few times a day, talk more, listen less, focus on the perceived shortcomings of everyone else who is in the office that day, and complain about why those that actually show up for work are 'always' late to the office. Contrast this to other managers that are required to work around everyone elses' schedules and still required to be in the office early every day of the week with few exceptions.