Depends how close you live to operations / devops / pager rotation. If the boss trusts you not to have both of you drive in at 2am for every little problem (you to work and him to hover over you to make sure you work), they'll trust you to also actually work at 2pm from home on a normal day.

You also have to be realistic about slacking. I can let in service people and rotate the laundry and cook dinner in less time than my (few) smoking coworkers spend on smoke breaks. Also the world is full of people who take an entire sick day to let the cable guy in or something like that, so a work at home dude stealing 5 minutes is 7 hours and 55 minutes more productive than the fake sick day slacker.

I guarantee my coworkers are going to waste at least two hours tomorrow talking about the superbowl. Working at home, I have no one to talk to, and if instead I post for an hour on HN I'll still be ahead of the office grinders.