Flex time was great. Especially in the American culture where we penny pinch and shame employees for taking any time off. I had a kid and having Flex Time was great because my wife quickly used up all her unpaid leave as a Teacher (USA) and I had to take care of the kid when he got sick or went to an appointment.
Cons
No warning on getting let go, just a phone call out of the blue. I was told it was nothing I did performance wise, which probably reflects getting a raise just 6 months prior.