Still, with all that freedom people don't always use it for good, they may actually just bunk off...
I imagine no one at Google used their 20% time project to bunk off, simply because it was 20% of their working time, and not 20% of their contracted hours. If you're supposed to do 40 hours a week but you actually spend 80 hours working on work and 20 hours on your 20% project then you aren't bunking off.