See, to me, neither of those is a great idea. In the morning I'm coming in early before most folks so I can get a few hours of real work done without distraction. In the afternoon I'm mentally fried and ready to do anything other than office work. The best time to get me? Schedule an effing meeting so I can plan my day appropriate, and can make sure I'm apprised of any information I need so I'm not walking uselessly into an ambush. Doesn't have to be a big, formal affair in a conference room.
I think the moral of this whole discussion is that managers manage people, and people are all precious little unique snowflakes with differences. You either create your organization around a certain class of personality with everyone on board and the non-conforming out in the cold, or you create an environment that recognizes people aren't robots and work around those vagaries. Of course this is more a continuum than a binary.
Lazy managers treat everyone the same. Lazy managers also avoid setting some semblance of professional standard, leaving the mob to sort it out.