I guess it can have pro's and con's.
Employer
Pros
Staff will need to clock in/out record their times somehow so you can track attendance/timekeeping etc
Staff will be happier if they are allowed flexibility - should lead to greater productivity
Can be a handy way to track time in lieu rather than have to pay overtime
Cons
Clients/customers may not be responded to during normal working hours due to absence of flexi staff
Not all staff will be allowed flexi-time, reception, shift workers etc, which can lead to resentment.
More complex to manage
Employee
Pros
At last no stress about being 10 mins late, can make it up in evening.
Can build up a half day flexi-leave etc
Can organise working hours around traffic/school/kids etc
Most employees settle down to a regular new schedule and people get to know it.
Cons
Some flexi-times can be very restrictive and just may not suit.
Needing to clock etc, some people hate it
Missing important work meetings/people etc due to changing working times