Or even the long term productivity boost. How long does it last, and why?
I don't think it ever stops. If I had to venture an answer as to why, I'd say "fewer interruptions" - most interactions are asynchronous (email, IRC in my case but slack just as much). The only times I need to have synchronous discussions are either our "watercoolers" (social face-to-face over google hangouts) or the eventual meeting.
Note: the companies I've worked for in this setup are all committed to 100% remoteness, and understand that keeping meetings to a minimum is a good thing (note, not abolish - but make sure "meetings" are only called for when actually needed).