Working from home must be fun. You don't have to commute and you get to work in your pajamas. I wish my job allowed me to do that. 
It can be a bit of a mixed bag. I don't work in my "pajamas" (don't wear 'em), but I am wearing well-worn blue jeans and a rather ratty looking T-shirt right now. I'm also sitting in my recliner with my feet up, and I've got my current music picks (some Coldplay videos at the moment) blaring over the sound system. I can also smoke whenever I choose without having to stop what I'm doing or worrying about bothering anyone.
I get to set my own hours, too, although that can be one of the drawbacks. I've been doing this for a couple of years now, and I've found that my productivity increased significantly - but I also tend to put in more hours than I used to. When I went into an office I rarely got there before 8:30, but now I usually start working around 7 - 7:30 (while I'm eating my breakfast.) I generally work at least 45 to 50 hours a week, and it can be 60+ when we're preparing for an audit. I also don't tend to take breaks as such, but it's easy to switch back and forth between my remote desktop at the hospital and my laptop's desktop, so when I've got data compiling at the office I can swap over and catch up on my email and reading.
The best part is that I get to work
where I like. I do have a desk, but most of the time I sit in the recliner with my laptop on a board that stretches across from arm to arm (so it's not actually resting in my lap.) At least a couple of days a week I go hang out at my brother's house and work there instead, and of course when (if) the nice weather gets here I can also sit outside and enjoy the fresh air while I'm working.
