Awesome:
Not having to deal with coworker/office distractions
No change in benefits or salary
10 ft. commute
Being able to keep Criminal Minds on the background
Awful:
The severe carpal tunnel I've developed including back, wrist, and shoulder pain
Not enough snacks
Depending on Skype as your primary phone line
Erratic hours (the company is on the west coast and I am on the east)
Having to constantly over-perform to remind your boss and co-workers that you exist and are awesome
Finding my significant otter was a crapshoot online though (timing and state of mind had much to do with it.) I think judging from both of our internet habits now and the overlap of some interests, we would have met online eventually. There are only so many people in 100 mile radius of me who even know who Morrissey is.
It worked out for me eventually though(after a cross country move to a much smaller area, I got lucky.)
*I reserve the right to revise this opinion in 2 weeks when I finish the article.