UPDATE: By way of Pro Football Talk, NFL Network's Jason La Canfora is reporting that Pacman Jones' workout was held as planned earlier this evening.

"He's running the 40 right now and just did an interview with the camera crew we have there," La Canfora said via e-mail. 

La Canfora also said that five teams are present.

The cause of confusion was over the fact that Jones' workout was not held at the same place as Tulane's pro day. 

This is a prime example of why it's not a good idea to jump to conclusions.
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From The Times-Picayune down in New Orleans:

Former NFL cornerback Adam "Pacman" Jones did not appear for a workout as expected Friday in New Orleans. There was no immediate word on why he chose to cancel the widely publicized appearance.

Jones was supposed to hold his own workout for scouts after Tulane University finished its Pro Day. The Jones appearance was neither organized nor sanctioned by Tulane and school officials at the Pro Day said they had no information on Jones scrapping his workout.

Considering the Lions were scheduled to meet with Jones this morning, it is entirely possible that a deal was agreed to, making a workout pointless.  If that isn't the case and Jones didn't sign with another team, however, he has some serious explaining to do.  Even if Jones had held a workout and it went well, there's no guarantee that a team would sign him simply because of the off the field concerns.  If Pacman did indeed blow off his workout and doesn't have a valid excuse, I'd say the chances of him returning to the NFL are for sure out the window.

Obviously it's not a good idea to jump to conclusions since we have yet to get an explanation, but unless Jones has been signed or there was an emergency of some sort, I sure wouldn't want to be his agent and have to battle the PR firestorm that is likely to erupt in the coming hours.