We've setup workstations in some of our offices with "trek desks"...
...as well as some simple standing workstations. However, all of those stations have dual monitors and keyboards at desks so the relevant staff can sit or stand.
For me, the Pros and Cons:
Pros
I struggle to find time to exercise in my own time, walking over 10 miles whilst getting paid to work = profit!
Even standing burns more calories and uses core muscles.
My posture when sat is very poor, so even just standing is better for my back I'm sure.
Stops afternoon lethargy creeping in, I certainly feel more focused when stood or walking.
When I'm sat, I drink lots of tea with milk and sugar... when I'm stood, or walking, it puts me in the right frame of mind to drink nice clean healthy water instead!
Cons
It's okay if your working on a document, like a Word, Excel or Powerpoint file. But I do quite a few drawings and that kind of thing, I find coordinating mouse work and keyboard shortcuts easier to do sat down.
I prefer not to use it if I'm speaking to customers on the phone, so it can be a bit distracting in that sense.
Overall I think it can be beneficial, I know for me, the difference between sitting all day and standing/walking is as much a 1 stone in weight over a few weeks, and I think it has productivity benefits. It's not suited to all jobs or all people though, so I think it works well where people have the option to do it, or not do it.