It has totally been a blast having the little one around. I work in my living area which is open plan into my kitchen, so I get to see her learning how to eat out of the corner of my eyes when I'm in work meetings, etc.
My personal suggestion: if you're working from home with children, don't try and seperate and go into the study; do the opposite, being out work and make it a part of every day. It's like the photos of your family you have on your desk, but in real life.
YMMV.