I've been working from home for several years now and I can't imagine going back to an office full-time. Before the Great Suppression I'd head in to the office 3 days a month on average just for the social aspect of it and to kind of get out of the house, but I'm not really missing that too much. How WFH works for you is going to depend a lot on your job function, your manager's managerial philosophy, and your own ability to keep yourself on target.
My wife has a call center job that she's doing from home - specifically she works for the state handing out our tax dollars in the form of food stamps. The state very carefully monitors how much time she spends between calls, dictates when she can go to lunch, and the hours are pretty rigid. Working from home is something that has been forced upon the agency, and they don't really trust their employees to not just screw off all day. There's a lot of big brother-y stuff that they do in order to make sure people are keeping their noses pressed up against the grindstone. My job function is a little more fluid where I'm tasked with figuring stuff out, making sure things are running smoothly, sitting in on meetings, coming up with new ideas, and stuff like that. My company is also pretty heavily committed to a "work-life balance" and they've explicitly said that right now, as kids are going back to school, they understand that employees are going to need to take time out of their day to deal with kids and schooling. That means that I can wander off to lunch whenever I like, I can take breaks as I see fit, and running out to pick up kids from school isn't a problem. I had some training to listen to so last week I made a drive to and from Columbus and the 5-6 hours I spent in the car were spent catching up on that. On the other hand, Deb needs to be at her desk from 0800-1630 every day and is told when she's allowed to take her lunch so they have coverage on the phones.
What that boils down to is that WFH can bring flexibility, but it's going to depend a little bit on the job and the manager. My job is better described as "remote work" which means that I don't have to be at my house to be able to effectively do my job. I've worked from the RV parked in the driveway of my in-laws house while we had a 10 day long visit with them. I work from my workshop frequently. I can take many meetings in the car, so I can work while I'm picking up kids. I even managed to not need to take extra vacation days when my dad was in the hospital getting his appendix removed when we were down at the Rolex this year because I just sat in the hospital room with him, used their wireless network, and worked from the hospital room. Deb pretty much has to be here, so there's not as much difference in the workday routine.
If your job is one where you work when you need to work - that is, if you're not specifically chained to particular hours and can could do work things at any time - you can time-shift your workload a little easier than when you're going to an office. If I have something else going on in the morning, I can start putting a presentation together at 0600 when I wake up instead of waiting until 0800 and if that's the thing I need to do in the morning, once it's done I can go and do something else (drop off kids, grocery shopping, nap, build motor mounts, whatever). But other jobs remain fairly tied to a schedule, so you don't get that flexibility. That can be a good thing, though, because I've noticed that a lot of the newbies to the whole WFH culture are not very good about remembering to save time for themselves. You might not have that 60 minute commute anymore, but that doesn't mean that you should now work from 0700-1800. And just because the laptop is sitting there, don't neglect your family or your own downtime in order to "get more done". For years, I've had my phone set up to not give me any notifications about work emails after 1700 on weekdays or at all on weekends. You'll burn yourself out so fast and WFH will seem like a prison, not a freedom.
When you're sitting at home, you've got a million distractions all around you, so you've got to be pretty disciplined about it. He says while he types a lengthy reply on a car forum instead of checking on that case he opened yesterday with his software provider. If you can, set your work stuff up in a place that is dedicated to it. Your brain will recognize that you have entered the "work space" and it will be more prone to staying in work mode once it's trained that work happens in this space but family happens in the other spaces. In the office, you have all your coworkers' eyes on you in a way that sort of helps keep you honest, but at home there's nobody to see if you're spending time writing a procedure document or browsing craigslist.
The part I like the best, though, is not having to deal with a commute. Where the trip to and from the office could take 45-90 minutes depending on when I left and what traffic decided to do that day, now the only traffic jam I have to worry about is if the dog decides to come with me and follow from the front. Instead of having to be showered, dressed, in a work mindset, and out the door by 0700, there are days that I just use my phone from bed (yes, I'm breaking one of my own rules there) for a while and don't actually sit down at my laptop until 0900. I can wander down to the kitchen during the day and get dinner started, and when my work's done for the day I don't have to fight traffic or anything. I'm just done. Also, nobody's there to look at you like you're some kind of alcoholic when you suck down a beer with lunch.
The social aspect of work is another story, though. It's a lot harder to stay engaged with your colleagues when you don't have the opportunities for chance encounters in the hallway or grabbing lunch together. Before they closed up the offices and the bars and stuff, that was my primary motivation for going in to the office once in a while and we'd also meet for a happy hour once in a while. Meetings are also a lot harder when you're not in the room with everyone else. It can be hard to get a word in edgewise and when you're on a crappy speakerphone in a large office you can't hear people and people can't hear you. When everyone in the meeting is attending via WebEx or whatever, it's a more level playing field but it can still be very difficult to inject yourself into a busy conversation.
On the net, I am a really big fan of remote work. It takes the right type of work, the right corporate culture, the right manager, and you do have to train yourself to be able to do it effectively. But once you're able to divorce the work from the location, you can get more done while also being able to have more of a non-work life.