Speaking personally, it's been great these past 5 years. The advantages of remote employment are substantial. To me, it's worth about $20K a year.
I haven't experienced the harm to my career that some have mentioned, but maybe I'm just lucky. My group is a tiny "intrapreneurial" startup within a large corp. and we are judged more on results than on just showing up.
Advantages of working from home:
- 10-15 hours a week of extra time to use as I wish.
- saves thousands of dollars a year in commute expenses, wear & tear on the car, etc.
- extra security and convenience of someone being at home all day
- more flexibility when raising children
- exercise at noon, then shower (no more "Do I skip the morning shower and hope I'm not too smelly at the office before I head to the gym?")
- set up your workspace exactly as you like it.
- you can shake things up once in a while, and go work in a café
- you can travel more frequently and work from whatever location, to save your vacation hours or avoid having to ask permission.
- the coffee is exactly the way YOU want it
Disadvantages:
- off-site workers are less visible, hence require strong management support to avoid problems others have detailed here
- too easy to gain weight
- spouse or children are distracting
- "work day never ends" syndrome.
- you miss out on "five minutes in the hallway" quick check-ins and over-the-shoulder teamwork