It works well for me. I'm in the Uk working for a low cost airline on an early and late roster.
On the earlies I'm up and away whilst the family are still asleep, and back mid-afternoon when there is still time to see them and do something with the rest of the day.
On lates I'm around until late-morning, or even late-afternoon, so there is the whole day together, and they're all asleep when I get back.
As I live close to the airport standbys are almost a day off, but if I get called its no great rush to get there.
Compared to my non-aviation friends working Mon-Fri 9-5, I see much more of the family than they do.
The down points are not being able to guarentee time off in advance. As most social events are the evening and weekend, you'll tend to see less of your mates than you used to. Theres also the feeling of helplessness if anything happens down route whilst you're at work. It's a frightening thought that if my wife is taken ill whist I'm away, our son will have to get taken into social sevices care until I get back.