In my workplace it's introduced a good number of people to cycling. Plus we have a very healthy relationship with the lbs, Pitsford Cycles, and it's all done on trust and a phone call. Bike sorted in a couple of days rather than all the fuss of vouchers etc that we had to go through with Evans.
As a PAYE employee there aren't any opportunities to 'take the pee', I can't see anything wrong with doing it every year. It pales in comparison with the potential bike collection of Baroness Uddin and, incidentally, she looks like she could benefit from getting a bike.