It's a great approach, and I've enjoyed it for a good 3 years or so. It has the effect of damaging collaboration though - which for some roles is perfect (where I am, some roles you can be ignored for a good few days), but for ones like mine, it actually makes it hard. It also scratches out pretty much all sense of camaraderie, so it depends whether you want to feel connected with colleagues or not.
This kind of agile working is a double edged sword, the benefits give rise to different challenges, challenges I never thought I'd see as such previously.
That being said, working from home from 7:30-9, then heading to a coffee shop for an hour, then coming into the office for a bit, and then going home is freedom it'd be hard to give up.