Wow, I think Mike in NH really nailed it so first, I'd +1 everything he said, both on the positive and negative sides.
A few additional (or related) points:
Positive:
+ Opportunities to multitask during meetings: I usually have at least a few meetings in the week that are "listen-only", e.g. a C-level exec talking to the whole division about priorities for the quarter. They're information distribution. I think of these like a podcast I'm listening to, and use the time to work out, fold laundry, do dishes, meal prep, or cook. You can save a bunch of time this way, or just cook a really nice leisurely breakfast.
+ Focus shifts to results you deliver, rather than the time taken to deliver them: No one is watching to see if you sit at your desk all day or not, so if you can really focus and bang out all your work quickly, you can actually free up more of your week to do other things (so long as you are still reachable during work hours).
+ More opportunities to travel: I live far away from family and I like that I can just go see them for a week and take my work with me. I'm able to stay longer and don't have to take PTO to do it. You can also try slow-travel or a snowbird migration pattern to escape winter for a bit if you want, without using PTO. I've had mixed feelings about these latter options. I get kind of frustrated paying for a hotel or an airbnb someplace, only to spend most of the time glued to my computer anyway, but you can try it and see how you feel about it. Of course, you can also move anywhere you'd like too.
+ Free regular trips to the main office?: These can be fun if company headquarters is in a cool city with lots to do (or eat, yay for per diems!). You get some of the benefits of getting to explore without actually having to pay the exorbitant rent there.
Negatives:
+ Difficulty leading and influencing team strategy: If you're someone like me that likes to have strategic influence on the team's direction, that's going to be harder when you're remote. You just miss a lot of the watercooler discussions where ideas form and the ball starts rolling on them. If you want to have influence, you generally have to be really proactive about setting up regular 1:1s with a lot of team members to catch up on all the watercooler talk and socialize your own ideas with people.
+ Harder to navigate social nuances: If you're communicating with people mostly over Slack, you're missing a lot of communication signals: body language, tone of voice, etc. Depending on how direct others are in their communication, this makes it harder to detect for example when you've reached an agreement, but not everyone is fully onboard with it. Or if you said something that offended someone. Or for them to detect if they said something that offended you. Seeing each other in person or over video 1:1 regularly is great for staying on top of these sorts of things.
+ Murkiness of boundaries between work and life: It's soooo easy to not feel like working on a Friday and put off what you need to get done to the weekend. Or get started a couple hours late in the morning and then feel like you need to work late to make up for it. If you have problems with procrastination or self-discipline, working remotely might be hard.
+ Possible loneliness, even as an introvert: I'm a strong introvert, and I typically don't think of myself as needing much social interaction to be happy, but working remotely can be on another level in terms of lacking social interaction if you're not careful about it. When I'm in a relationship, I tend to enjoy working remotely, as it leaves me more social energy to enjoy spending time together with my SO at the end of the day. But when I'm single, it's a definite challenge, I have to be really proactive about setting up lots of social plans, and I can still end up lonely even with a few hours here and there with friends on the calendar. I'd think about how much social interaction is naturally baked into your life already through a partner, kids, roommate, family, friends you see regularly, or hobbies, and if it'll be enough, and if not, how hard you'll have to work to supplement it.
Overall, I'd recommend working remotely as long as you're good at managing yourself and you'll get sufficient social interaction. I'd agree with Mike that it does feel a bit closer to early retirement, especially in that it increases your freedom substantially, and can be a great way to feel like you're transitioning toward the lifestyle you want.