I will be working from home, and the pay will be roughly the same - but I wanted to see how others valued the working from home.
* Getting to actually see your kid: priceless.
If you're out of the house 7am - 7pm, all you're going to see of your kid are asleep (cute but boring) or awake (go back to sleep!). If that's what you've got to do, that's what you've got to do, but if there's an alternative that's pretty cool.
Whereas if you're only gone 9 'til 5, you've got a couple of little windows there where you actually get to have fun with them. Plus lunch.
The downside is that it is pretty easy to get distracted. You'll need to set up some kind of office environment, and work out how to make it work for you.
Good luck!
I find it decidedly suboptimal that our society insulates young people from work until their late teens or early 20's, then expects them to suddenly and magically become good workers. Raising my kid around my work is a huge plus, in terms of his preparation for life, his understanding why mommy works even though it takes time away from him, and increasing the time we get to spend together.