It does sound good, but beware of the problem in that view: it only focuses on what you don't have to do and not what you do have to do.

You don't need to worry about a morning commute, but you do need to worry about getting your head into a frame of mind where the distractions of home (TV, a good book, chores, etc.) don't get in your way. While you don't have to follow anyone else's schedule, you do need to devise your own and stick to it if you are to meet your projects' deadlines. When you think about "working from home", its best to put emphasis on the "work" rather than th "home".

The Basics

Okay, so you have an idea about what you're in for and you still want to continue? Good. First things first: do not quit your day job immediately on the assumption that you will be able to earn a great living working from home right off. Once you get in the swing of things, you may even realize that it's great to work from home for a few hours a week to generate some extra income, but you don't want to do it full time.

Let's talk about things that you will need. The first and most obvious is a computer with an internet connection. The location of that computer is as important as having it though. If you are the type of person who likes watch TV and you know you'll end up getting sucked into a show when you're supposed to be working, keep your computer in a room with no TV. You need to cut distractions.

As well, when you are at work on your computer, treat it solely as work time. No Instant Messaging programs, no games in the background, no surfing the internet. One of the hardest parts about working at home is acquiring the necessary discipline. It's easy to have the discipline to show up to work on time when you work in an office and your boss might fire you. It's a lot harder when you work at home and you say to yourself, "Well, I'll get started in an hour or so, I've got plenty of time..."

Think like that too often and you'll find yourself either missing deadlines or at least cutting them really close.