Allocated time for personal projects at work: pros / cons?

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Do/did you have time for personal projects (like Google's 20% time) at your company? How efficient is it, does it help the company become more innovative? Does it motivate employees or help them grow? Would you recommend it?

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I would love to be able to work on my personal projects at work, but I feel I would be less productive because I would rather be working on those than my actual work. I would also be in the mindset of thinking of my personal projects more than real work. Another concern I would have then if my company have a stake in my projects and seeking royalties if anything came of them. I'm curious about this topic though if anyone has more details about it.

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