I am punctual. I am almost never late for appointments and meetings, and when I am I get anxious, as if I have failed. The watch on my wrist is roughly the size of a dinner plate. To be punctual means that you respect someone and their time, and to be late, the way I see it, means you just don't care. I mention this because it's a strange female trait to think that being late is in some way endearing and cute, which it is not.
Social situations are different. This morning I came across this post on Annie Dean about being fashionably late for certain situations, such as for parties and dinners. It's good advice, because no one wants to be the first to arrive or the last to leave.