I have a decent desktop machine at the office which I can connect to from my laptop over VPN using screen sharing.
It works for out of hours support incidents and the occasional forced remote working. It is certainly better than maintaining a fully configured environment on a second machine, or for developing stuff that needs low latency to the datacenter across a WAN.
However, it is frustrating to work that way for long periods. I have on occasion driven in to work for the second half of the day once whatever it was that kept me at home has been got out of the way.
Latency and screen real estate are the two killers for me.