I work at Cloudera, and engineering has work from home/no meeting Wednesday. It allows people to work wherever they prefer and are most productive, and to have the whole day to focus with minimal distractions.

That said, we do still communicate as needed for the active work. But we do so in terms of emails, chat messages, and sometimes phone calls between only the necessary parties, without any long scheduled meetings or meetings that provide value in the longer term (eg. interviews or longterm planning meetings) as opposed to helping someone do the right work today.

It works great, we've been doing it for basically the whole life of the company, and I don't see it stopping.