What's real nice is to have the ability to find the right balance for yourself, if you have the luxury of a company that's relaxed about such things.
I live in the New Jersey suburbs and have an approximately 2 hour (one way) door-to-door train (includes a 20 minute walk from Penn station) commute to get to my office in Manhattan. For me, I like to be able to work at home 2-3 days a week. I do like to go into the office and see my co-workers and friends. I would feel out of it and lonely if I didn't have that. I just don't want to do it 5 days a week. Thankfully I have that luxury now. Situations change all the time and nothing is forever, but it's great at the moment.