You know those guys who start the day on youtube/facebook/ and only start to work when you nag them to death. If you don't they might do some "proof that I worked" BS at the end of the day? These are the guys who have to obey one rule and they cannot: be available between 9-5. Then you call, message, mail, call all numbers, all messengers, and the guy is no-where.
I have seen a complete telecommuting department of 30+ people ordered permanently to the office because a couple of these assholes.
That said: I work at 2 places at the same time. Since I don't have to prepare, make food (special diet, no take-out and soda machine for me), drive, socialise and all that, I can comfortably put 10 hours a day of coding/planning (infrastructure design, consulting with coders) on the table. I have an elliptical trainer and a garden. If my head is about to explode and I "only" have to read some specs or make a call, I walk/sit outside in the garden in natural light (tropics rule).
Now that is the good part. At one place my colleagues just don't get it. Communication is freakin' impossible with them. Even though the policy: code when you want/can, be available in business hours (US eastern 8-4). Guys don't answer mails, forget if you Skype/call instead, not on Skype sometimes for hours without notice (and messing up everything the night before in the GIT repos). It is just a mess...
So I think it is possible, it is good, but you simply have to screen the people and remove their rights if they fail to deliver/communicate.
If you are in software development an need to participate in planning/design (not just e.g. work on tickets on a ready product), then probably it makes sense to go to the office once a week to do some joint brainstorming. Maybe more. Depending. When people talk tech in the elevator, at the cafeteria, smoking area, gym, or etc ... good things happen. Ideas are born. When you just have a Skype call without using any presentation tool (whiteboard), then you feel the difference: it is not as effective.
The ADD ridden ones at least are (somewhat) forced to pay attention at meetings and at best can play with their phones, but if it is Skype, who knows what is on the other 4 screens. Worst experience : my colleague has his whole family screaming at the same time while we are having meetings. I am not talking a noise once in a while, or family arriving/leaving, but full time lunch serving and baby screaming all the way.
Most hated office things: 1. Half the room is cold, half the room is hot. Always, everywhere. 2. Morning chatter of yesterday's game, movie, news .. etc - fine, just do it outside if you see someone trying to work. 3. Asshole on speakerphone or asshole on personal call, calling 10th place to get new tires.... 4. food smell.. New rule: next time I have to smell your packaged paprika bacon-pork skin chips I can throw up into your hair..... If you touch my screen with the finger, I get to chop it off with a blunt cheese-knife.