I've been working from home for the last three years. I have also managed geographically separate teams in the past and I've just started managing another team that is spread around the globe.
The good; no travel time to get to work. The ability to work in teams that are not geographically limited. Increased flexibility.
The bad; lack of social integration and more difficult to build team relationships. This impacts team development and cohesion.
The risks; it is easily possible to prefer one geography over another, which is sometimes difficult to avoid. Effort must be put in to include the whole team.
Overall I think that working from home us useful, and having teams that are actually virtual, in that everyone operates online. It reduces energy utilization simply to travel to a place of work, which is both a waste of time and ecologically questionable. But at the same time it requires team discipline.
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