The following comes from "Basketball: Multiple Offense and Defense" by Dean Smith -- one of the best technical basketball books I've read:
Most coaches would probably conclude that their own philosophy rested some where in between system and flexible. In determining my own position, I would consider myself to be very near the center, bearing slightly towards the flexible end of the pole. I would further describe my offensive philosophy as follows:
1. Utilize personnel as effectively as possible.
2. Encourage team play -- achieve results through cooperation and unselfish effort on the part of every player.
3. Look to fast break at every opportunity.
4. Multiple offense: major emphasis on a free-lance offense, with rules along with some set offenses to make use of personnel.
5. Eliminate element of surprise by having team thoroughly prepared to meet all possible defenses.
6. Vary the offense throughout each game to prevent the defense from preparing too easily, or becoming accustomed to a singular style of play.