Results Only Work Environment

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I came across an article on yahoo news: http://biz.yahoo.com/special/allbiz120606_article1.html Basically its about judging work by an individual's output and not how long they are at the workplace. It carries no schedules for employees or mandatory mettings. Work is not where you go but something you do. What do you think about this? Do you believe that it will be effective? What would you do with your time if you were allowed to leave and come to work whenever you pleased as long as you got your work done. For those who are hourly you will no longer be waiting for that clock to tick to the 59th minute and 59th second to push your card in to leave!