When to exercise?

This seems to be a timeless question.  Is it more appropriate to workout first thing in the morning or potentially later in the day?  Let's look at a few thoughts:

Late afternoon / early evening workouts are at a point in the day when you may have had a hard day and going to the gym or jumping on your treadmill aren't top priority.  The advantage, however with a later workout is you are already out of bed, your body has been somewhat active which means you are stretched and your blood is flowing.  

Compare this to an early morning workout.  First thing in the morning is when your core body temperature is at its lowest and you would also naturally have the lowest energy level.  Advantages to an early morning workout can be that it is early before distractions enter the day.  Also, raising your heart rate early in the morning can kick start your metabolism and get your body off to a good start potentially burning extra calories through the day.

So, when is the best time of day for your workout?  It would seem that for most the easiest time to schedule a workout would be early morning, however there are some potential trade-offs.  Based on the information I was able to find combined with the experience of working out regularly both early morning and later afternoon, it would see the optimal time to workout would be sometime mid-afternoon.  Unfortunately, how many of us can actually take a break mid-day to work out.

What are your thoughts on when is the best time of day to workout?  What pros and cons do you run into with your workout routines?