My CIO's feelings are, "I don't care where or how long you work, as long as you deliver and as long as you are reachable".
I try to work from home as much as possible. As a team lead, this means that I'm constantly shuffling meetings and workshops around, to free up a day here and there. However, I find that I only tend to work half the day - from lunchtime I mope around the house. But, I do the same amount of work in those 4-5 hours than I do in 2-3 days at the office. I'm a whole lot more productive, and it ends up being cheaper for everyone - I don't have to pay for petrol/gasoline, my employer doesn't have to pay for the energy to power the aircons, etc. Plus it's less stressful for both myself and my team (although I bug the shit out of them on skype & lync when I'm working remotely). I am planning to work 2 or 3 days a week from home, once we
My work day varies in length - it's fairly flexible depending on what is going on, was is broken and what my workload is. Some days I work 5 hours, other days 24 hours. I sometimes get looks from other departments if I stroll in at 10h00. But I care not: I'm here to get the job done.
We have a number of devs that telecommute from various places around the country and world. It works because they are the right kind of people to make it work. Yes, they may work slightly less or more than what their contract says, but they deliver. Other people just cannot work outside of an office, they need a strictish/rigidish environment in order to work properly.
"Show business is just like high school, except you get paid." - Martin Mull