I definately think its a one size doesnt fit all kind of thing. If your job role is to work collaboratively on projects, I see the value of face to face every day. If you have kids/spouse/pets bothering you all day long, thats a problem working from home.
In my role, I work with colleagues and customers across the country in all time zones and occasionally internationally. I was commuting 90+ minutes each way to NYC to sit on conference calls most of the day when I wasnt at customer sites. To me, that was a waste of time and money, since I wasn't really doing much interacting with my team face to face anyway.
One downside to telecommuting - I have some colleagues who feel its ok to call me before or after business hours with non-essential crap because youre "just" working from home.