A large component of my job is working from home and my experiences are entirely the same as Ryan's. I often start 'work' as soon as I wake up while sipping my morning coffee and before I know it the day is over at 6 PM and I've worked through what regular people think of as breaks, hopefully having snacked at some point in between. There are entire weeks of week days where I don't leave the house for no explainable reason other than I have no reason to and I'm tired. Similarly to Ryan, I have to remind myself to shower for the benefit of people I may encounter throughout the day and wear clean clothes.
There is the benefit of saving gas, avoiding car maintenance, less time involved in a commute and the convenience of having access to things like juicers or blenders for a healthy bite to eat when I think about it. I can also change throughout the day as the weather changes and that's always convenient. However since I'm in a seasonal climate there are additional energy costs that would be absorbed by an employer.
I suppose additional benefits include the ability to loudly listen to whatever music I like if I'm not actively voice communicating and I suppose I'm less likely to die in a car accident.
The question is, is this a big deal that seriously affects the quality of my life? No, not really, there are also pros and cons about working in an environment with more structure and the time I save in avoiding a commute, I could make it up at an office with less personal distractions. I wouldn't say one way is better or worse than the other for me, they're just different.