I've come across places that have a concept of "core hours." Basically, everyone must be physically present in the office between 10am and 3pm Monday through Friday, and all meetings must be scheduled between 10am and 3pm. People are expected to work roughly 40hrs per week, and you could work some of them from home, or over the weekend, but if your output was better than your peers, you could put in less hours and nobody would call you out.

Seemed to work great. The early birds would come in early, people with kids could take off early, the night owls could come in a little later, and everyone had some blocked off time to get some focused, individual work done without meetings.