Sort of.
I have to be available to take calls starting at 730am, but once a call comes in, I have substantial latitude to deal with it as I deem necessary. If I need 30 mins here or there I can just take it, and nobody would really notice.
I don't get to quit work whenever I want -- I'm expected to work until the job's done, unless extraneous circumstances bring the work to a halt. On occasion there are no calls and I get to stay home and "work" all day. Basically, they pay me to be ready to work when there are no actual service requests.
I also have to do periodic on-call duty.