The truth about working from home is you can either handle it or you can't. I've heard dozens of people tell their stories of being fired within a month or two because they weren't getting anything done because home felt like leisure.
I've never had any problems working from home because it fits my goals for a work environment: quiet, very few interruptions (imagine how many people stop by your desk at a traditional job), no one looking over your shoulder, comfortable, etc.
My typical day is 9-5 because I want to hang out with my family before my young kid goes to bed. Most communication is over email and IRC but big decisions are made via video meetings. Every once in a while I jump into a video meeting with colleagues just to "hang out".
Sometimes I work outside, sometimes I'm in my office, sometimes I'm in my living room with soccer on. All depends!