It really depends on the company and how much the company trusts you.

I'm an employer and if a new employee who has not gained by full trust continually comes in late, then yes it is horrible.

But I do have employees that I really trust. I know they are 100% committed to the business and committed to helping it succeed. They have proven over time that the company is always on their minds. In this case, I could care less if they come in late, work from home, etc. But it does take time.

Also, it is worth noting that losing trust is a lot easier than gaining it.