The problem with all such systems, is that they are all just approximations to something that exists in the real world. Almost by definition, they are imperfect. Reminds me of something someone said about RPG systems. There are the ones you can buy, which are all bad, and the ones you can make yourself, which are invariably worse.

Why is that good? Beats me. Unless he gets an above average holiday allowance it sounds terrible both for his long term health and for his productivity.

As for other remarks made here:

I mention it first in part because a coworker likely was recently fired in part because they were routinely late and, after strolling in the office late, would then mosey down to the cafeteria and grab a bite to eat. I don't know for a fact, but remarks that were made suggest to me that this employee generally failed to do the quantity and quality of work they were expected to do. I think the experience at my company is that tardiness and abuse of time off usually correlate to poor work performance.

I am not actually sacrificing my health by working the hours I do. My health has steadily improved in the three years I have had this job. I don't really understand the whole idea of "taking a vacation" and I never have. But that's probably something I can't adequately explain to most people.

It could be thought of as an indication that the employee in question is a dutiful little peon, which some bosses would probably like.

On the other hand, if someone tried to do this in Finland in July, when practically the whole country is on summer holiday and workplaces are very nearly totally empty, it might not work that well.