I worked from home for 4 or 5 years in the early 2000's. Aside from the great info from others, I noticed:
- I had to be very clear with my wife that working from home didn't mean I could just break away and do house chores at any time. She had a strong urge to assign me more because I was working from home and "the laundry only takes a few minutes...". Communication about expectations and scheduling time for chores (outside of work hours) solved this one.
- I got no social interaction at all throughout the day, no water cooler talk or bs'ing with coworkers. Many days, aside for the occasional phone conference, I didn't hear another voice. So when my wife came home, I would gab gab gab gab gab. Drove her nuts sometimes. ;)
- Out of sight, out of mind. I found that, not being around coworkers or my boss, nobody tended to see my accomplishments or even know what tasks I was working on. After I noticed that people who worked in the office tended to get more kudos, I really ramped up communicating my accomplishments to my team, other teams and upper management too. Basically selling myself.
- It is really tempting to work through lunch... then work through breakfast... then work through dinner. It just kind of snuck up on me, when I noticed I was working all these hours straight with few, short breaks. Set boundaries, and avoid the temptation.
I did find that my morale improved while working from home.