[Construct]

I think the best schedule would be a mix of enforced office hours (Monday through Wednesday, for example) combined with letting employees work from home (or coffee shops, etc.) for the rest of the week if they so choose.

The enforced office hours would keep the team close to each other and on the same page. The flex time would allow employees to work wherever and whenever they deem most efficient for themselves. Set goals on Wednesday, recap on Monday.

Results (not office/face time) should always be the final metric in judging employee performance.