I used to live 90+ minutes away from a previous job... I worked from home 3 days each week, then came in for two. On the days I drove, yeah it meant 3 hours of driving... but plus side, most of that drive was by myself while whizzing through the twisty roads of the Oregon Coastal Range, and having the time to myself with a stack of good music and *nobody* impinging on that time due to crap cell coverage? That was kind of nice.
Mind you, I had no kids at the house and I lived on the beach at the time, so working from home was a snap - no distractions at all. I made up for the hallway conversations with IM and impromptu huddles over the phone. The days I drove in were packed with meetings (on top of the usual phone/webex conversations), so I got approximately no keyboard time those days. I'd call it a wash though, but mostly because my employer at the time was over-siloed and under-efficient; their glassdoor ratings were and are rightfully in the toilet if that helps.
But, that aside, working from home has the following benefits:
* time alone: you can set a huge block of time aside, shut the world out, and get shit done.
* boss says you gotta work late? No problem, just a sec': " Hey babe? I gotta spend a bit more time on this today; I'll just eat in here until it's done..."
* if you live in a scenic area, just step outside and work in an awesome setting.
* as long as the webcams don't see it, put whatever the hell you want up on your walls.
* pajamas! Well, eventually you get sick of doing that and dress for work anyway, but I did kind of enjoy wearing a dress shirt over cargo shorts.
It has the following drawbacks:
* office politics: when you're remote, you don't overhear those little snatches of conversation, see expressions, and get those subtle signals that would indicate something you may want to act on, so you find yourself blindsided - often.
* culture: you often find that you slowly slip out of the company's culture, which leaves you at a disadvantage as time passes. It also means that you miss out on connecting with co-workers at any meaningful level beyond giving and getting information.
* visibility: being gone leaves you lower on the priority list for promotions, advancements, special projects, etc. because 'Out of sight, out of mind'.
* quick gathering of critical information: at work, you can see if someone's there, get what you need if they're not über busy, then get back at it. Remotely, you have to wait for a response by email, IM, whatever... and they will ignore you just as much as you tend to ignore them.
* power went out at home? Better go into the office anyway. There were a couple of times when the little coastal town I lived in lost power (once at a very inconvenient time - a Saturday evening that we had a go-live scheduled) and had to haul ass to the nearest town with both power and usable wifi (and in that one case all the way into the office.) Happens more often than you think, because apparently residential power has a lower priority (and way less redundancy) than commercial, eh?
* self-discipline: sometimes, it's a royal bitch to make yourself focus on work when all you really want to do is kick over the the gaming rig and fart around a bit online... and at home, who's gonna know? It takes a special personality trait to get started on time and stick to it (and more importantly, know when to call it a day).
All said, there's a lot of factors I left out, and it all depends on you, your employer, and what you do for a living.