I had a decent job -- reasonably good pay, decent benefits, good people. But I wanted to work in software and that just wasn't the role there. I was also living in Orlando, which is a shithole, so something had to change.
I saved up $12,000 and quit last year, despite the terrifying economy. No real plan beyond "do something interesting." Moved across the country, built iPhone apps, had a good time. After about eight months, got bored, money got tight, but no biggie -- I got a job at a startup. I couldn't have landed it without everything I learned during my little adventure.
It's an amazing feeling – it's freedom. No one expecting you at any place or any time. Just you, your motivation and whatever you're able to imagine.
If you've been working for the man for awhile, having 100% control of your time can be weird. My advice would be to establish a routine and stick to it like glue. If you've got a specific working space, make sure you're in it each day at the same time. Eventually you'll be able to fully enjoy the flexibility, but at first productivity will require you sticking to what you understand as a working schedule. Modify this as you learn your natural rhythms throughout the day. (ie: maybe you're a night owl, so you enjoy a bit of work in the mid-morning and then a six hour burst later in the evening.)
Working at home is fine and all, but you might want to find a quiet, productive place away from where you live. If you're near a nice library, this is ideal. The change of scenery will help you stay sharp.
Give yourself a break, if it's at all possible. I used the flexibility that self-direction bought me to go to Europe for a couple of weeks. It recharged my soul. Some kind of adventure will do you good if you've been following other people's rules and direction for any lengthy period of time.
Most importantly, set clear goals for yourself when you're ready to get down to work. I didn't always do this and my work suffered. Even if you're working by yourself, a little scrum action might do you some good: plan weekly sprints and do a little standup with yourself each morning or evening to review your progress. You're your boss now – no one else will hold you accountable.
Good luck. It's a bit risky, sure, but a great feeling.