Can we create a ROWE

For those of you following the latest in business philosophy a ROWE is a Results Oriented Work Environment. At a high level this is a work environment with lots of autonomy.  For example there is no time clock or set start time.  My question is, can you really have a ROWE and still maintain control over your business?  Let's take a real example - like a law firm.  Can you develop a work culture where the only performance factor is results?  Considering some of the hot buttons - no dress code, no start or stop time, no requirement to even be in the office.