As long as I've known about "working from home" I've wanted to work from home. The flexibility just always reallly appealed to me. I'd heard the cons, which mostly consisted of people complaining about how they feel like they're never done working. While I get that, it's never really been a problem for me. Even when I worked in an office I had no issue signing on once in a while after hours and getting some things done. Especially when I can do it on my own time table. However, there is one big thing you should look out for when preparing to work from home.
If it's a new job with a new company and you're working from home, beware that people don't know you. What I mean by that, is that even if you know who they are and know who to contact to ask questions and get things done, they might be less likely to respond to you. This can make it really difficult to learn a new job. So if you're planning on doing this, make sure you get into the office several times when you first start. To spell it out for you, I traveled across the country three weeks a month just to make sure my face was seen in the office, and to get to know my co-workers.
Another problem with not being at the office is that people don't see you and may forget about you when it's time for a raise or promotion. So, make sure you're utilizing things like WebEx and Google Hangouts to attend things like staff meetings. When you can attend, I also think it's important to hang out with coworkers at team dinners and the like. Get to know people on a personal level as much as possible.
I still love working from home and fear the day someone tells me I can't. Just beware the caveats and how to avoid them if you're getting started with this.