I've been able to spend significantly less energy on work, while being more productive. The commute, the open office and the useless meetings, really are murder.
So I think it's hard to say anything like you're trying to. We actually did research on it, because we're a 10,000 employee organisation, and the only groups who have reported a negative effect are managers. Productivity is up as well. That's still too general to say anything though.
The real trick will be figuring out how to create an environment where some people work more from home than others. Which isn't actually easy, because you kind of gotta schedule it so that people don't take turns being alone in the office.