This paper investigates the relative impact of versatility as a selected physical characteristic of the resources (a design adequacy factor), versus some operating strategies (control factors), on flexible manufacturing systems performance. Systems are operated under changes in mix, in the availability of the resources (due to failures), as well as at various levels of planned machines’ utilization. Versatility, measures at machine and system level are discussed. The extent of the machines’ workload imbalance is presented as an off-line system performance indicator, expected to provide rough cut, useful information at the design stage. Simulated experiments are designed and analysed, to offer a factorial on-line view of the problem and thus, to enable estimation of interaction effects between flexibility, environmental factors and changes. A standardized, service-oriented, on-line performance measure of the system is introduced.