There are some huge advantages to working full time from home.
No one bothers me and I get a lot more done. On the flip side, there is no separation at all and sleeping disciplines go out the window, at least for me.
I worked until about about 2pm yesterday, slept till 7pm. Woke up, went on a date, came home, started work. At this rate it may be 4pm before I finally wind down enough to sleep. I seem to shift my sleeping a couple hours later every day and it eventually flips over.
In any event, I got here by working on a personal project on company time, against the direct marching orders of the overlords. Once I had a working prototype, I showed it off to said overlords, instead of results on the project I was placed on, and all was forgiven because they knew it would make them money :-P
Two years later some partners and I have built things up enough to break off what started as my experiment into a separate company seed-funded mainly by the company I used to work at full time. I now lead engineering from both my apartment and another company-paid apartment about 300 feet from mine and we are currently seeking second round funding.
I love it, I get a lot done, and I don't have "business stuff" hampering my natural workflow.
It all depends on your mindset and how disciplined you are in management. I know lots of programmers that when left to their own devices will do almost nothing, and happily take a paycheck for it while saying "I'm working on it".
In my experience that most people need a high level of accountability and external management in order to reach their ideal level of productivity, so it is not for most people.
Then there are people like me, who just want everyone to leave them alone so they can code for 18 hours in a row uninterrupted, and are perfectly happy doing so. Office environments and pointless meetings and people dropping into my office make me want to break things. No one knows how to manage my own time and attention span better than me.
I have never been happier or more productive than the past 3 months I have been working between these two apartments.