You've been modded troll, but this is pretty much accurate.
It's also not a win/win, and here's why:
1) Most people are not most productive at home. In fact, most people are significantly less productive at home due to many more distractions around them.
2) Commuting (at least relatively short commutes) has been shown to be a good way of clearing your brain, and getting it into or out of work mode. It doesn't really hurt productivity unless you're doing it for hours.
3) Skype does not make communication with coworkers a snap. It imparts a major cognitive overhead.
4) Communication does not just come down to a few meetings a week that could (with more effort) be done via Skype. By working at home you remove any chance of corridor conversations, which typically, are by far the most productive communication in an office.
Basically, working at home is not in any way good for the company, and it's usually not good for the employee at all, so most companies won't let you do it.
All sort of true.
First, a bit of background on my context. I'm a software engineer for Google, and I work from home full-time. This is not a common situation in Google, which has an institutional belief in the value of co-located teams in open-plan offices as a way to facilitate communication. Google engineering methodologies are heavy on communication and light on process and documentation. They rely heavily on face to face communication, be it over cubicle walls, in hallways, at the cafes, etc.
On its face, this appears to just about the worst possible organization in which to work remotely. But I've been doing it for over a year now, and it's working just fine -- but only because my co-workers and I make it work. It's challenging, but it absolutely can be done.
Regarding your points:
1) Productivity at home. This depends heavily on the individual. I'm motivated and I like what I do, so even with the distractions at home I'm highly productive. If anything, my challenge is to avoid working too much. That's not the same for everyone, so YMMV.
2) Commuting. Commuting sucks. Even if it's a short commute. Some people do seem to like it, though, as a way of separating home and work life. My home and work lives blend, with more of a dynamic balance between them rather than sharp separation. Personally, I prefer that, but I know not everyone does.
3) Video conferencing is not a panacea, but it can really help. I have a Chromebox on my home office desk and another in my team's "bullpen" area, which are both set to an always-on video conference, so I have a virtual presence in the team area. It's not quite the same as being there, but I can hear and participate in random conversations that happen amongst the rest of my team, at least when they're at their desks. And of course, I attend all of my meetings the same way. It's kind of funny for my co-workers who see my face on the VC unit in the bullpen as they get up to walk to the meeting room, then see me "already arrived" when they get there. Because of course for me "traveling" from the bullpen to the meeting room is instantaneous.
4) Communication is challenging. In my case it helps that Google runs on e-mail, and much communication happens that way. I do find myself out of the loop occasionally, but my colleagues are generally pretty good about letting me know stuff, and sometimes even deliberately deciding to move a conversation to e-mail in order to make sure I'm involved. The inclusive culture is a big help, even at the same time as the co-located culture creates challenges.
The bottom line, to me, is that there are pros and cons, and those pros and cons are different for different employees and different companies. In my personal case, I think I'm probably 95% as effective working from home as I would be in the office, and that only by putting in a little extra time. For me, that's great, though. I'm perfectly happy to spend the time I would have wasted on commuting on work, and I love the flexibility that it gives me to balance my home and work lives.
What do I do with that flexibility? Well, I have no problem dropping what I'm doing (assuming I don't have any meetings scheduled) to go to my kids' school events or other activities. When I worked in the office I did the same, but there was a higher barrier, because I had to add an hour of extra commuting time (30 mins each way) to home and back. I also use the flexibility for recreation and exercise. My home is 12 miles from a ski resort, so I buy a season pass and during the winter I ski 4-5 days per week; most every weekday I start work early (6 AM), work until just before the lift opens then cruise up and ski for an hour or two, then head back to work. During the summer I've been taking my boat to the lake a couple of mornings per week to water ski with my kids (my house is 18 miles from one reservoir and 24 miles from another). I often go for a bike ride or a hike during lunch -- though I actually also did that when I worked in the office.
So I think it's great for me, and the company seems happy with my work. Win/win, even if I work a little more and produce a little less.