I agree about a certain element of professionalism. My current boss has come in drunk on multiple occasions (all company meetings, candidate interviews, etc.). When I bring up the issue to his boss (the owner) the response is "He's putting it 60-80 hrs a week... he's super billable... he's a huge asset". Eventually, the "as long as you get the work done" attitude wore on me... I put in my two weeks last week.

I think there's certain freedoms employees should have (especially in the development world) including what you wear, hours you work, working from home, etc., but I don't think professionalism should be compromised.