Has been for nearly 2 years here.
Work from home 100% of the time.
It gets a little hairy in the summertime, what with the kids home from school and the wife not working....But we somehow slog through.
When we need to hold meetings, we have a Teamspeak server that we all use. I go to the office maybe 2 or 3 times a year. One or two of those times is to interview potential new hires, and the other time is the annual company meeting where they buy us lunch.
It's a nice life if you can get it. The biggest problem is that it makes Agile development methodologies hard -- and damn near impossible if nobody else has experience with them before starting.
-YendorMike
"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety."
- Benjamin Franklin, 1759 Historical Review of Pennsylvania