Granted this situation is best suited for exempt employees who are responsible for what they accomplish instead of how many hours they work, but it sure is a nice thought for all employees.
The concept also hearkens back to Best Buy's system called ROWE - Results Oriented Work Environment. And it also reminds me of one of my favorite books about work, Let My People Go Surfing by Patagonia's founder, Yvon Chouinard, given to me by Bill Berg at Cool Works (tm) just before I started this position back in March.
Employers are adapting with the times and beginning to address the "work-life balance." Isn't it great?