I believe it depends much on whether you are working as a contractor/consultant, or on wages.
I have done it for 5 years as a contractor/consultant. It has both good and bad like most situations. The good is that you no longer have the distraction of people coming in to ask for things to be done, and of course to answer the phone for someone else.
But it does required disciplines. You must adhere to your work schedules. I am not a sticker for time frames, but I do believe in getting the work done within the time frame. On many occasions, I would work right through to the early morning to push it through. No slacker just because there is no one behind your back. If there is a job to be done, do it, and if necessary, do a double time to get it over and done with.
I also make it a priority to keep in touch with my clients on a regular basis. I would tell them of the progress of the job, and send them update of my work regularly for appraisal. That way they are not sitting and wondering what the f is going on. By keeping in touch, they know I am working on their project and not f-king around windsurfing

Being a software developer, I used the Internet to regularly send my clients a "prototype" of the project. That was my way of informing them of the progress. And when they can see the progress, they are less reluctant to pay the invoices

And one last thing...If you made a promise such as time of delivery, you don't want to break it if you can help it. However, if you are under the pump, tell them the truth.
If you are a contractor, be aware that a huge pay check may be you last because there is no job security there. So please do make sure that you don't blow it believing that good times will never end. Have a good financial discipline as well.