Throw in collaborative technologies such as IM, easy-access e-mail (I tend to use Web-based Exchange when working remotely), and reliable cell-phone service, and it's pretty much like being in the office -- except I don't need to spend time commuting (save for the five second walk to my desk). Heck, I don't even need to shower.
However, there are still some potential drawbacks to telecommuting, from my experience. A couple of weeks ago, we had some fairly important editorial meetings at our San Francisco office. I opted to work from home one of those days and called in for several sessions. It was difficult to keep up at times, since I was unable to see the projection screen or the notes the meeting leader was writing on the whiteboard, or to even hear all that was being said in the conference room.
Granted, Web conferencing is an increasingly viable means of having a meeting with far-flung individuals, but it's not always practical to set those up just for the sake of a couple of participants.
Moreover, some things are much easier to explain face to face to a co-worker than they are via e-mail, IM, or even the telephone. There are plenty of visual elements to discuss when planning a magazine section each week, and the ability to sit down with the art director (who is a very visual person) for a few minutes is useful.
Finally, one potential advantage to having 24/7 access to my job is also a potential drawback: It's difficult to resist the allure of checking e-mail or posting articles at odd hours. That could be dangerous for a workaholic.
What do you think about telecommuting, either from a managerial or telecommuter perspective?