You are right working from home is a separate issue from working in different time zones. The only connection is that if you have a dispersed work force, you are more likely to have to deal with time zone issues.

An interesting question is how to manage a multiple timezone and work-at-home work group. If the manager's style is to micro-manage then they will have a great deal of frustration in keeping track of everybody. If the manager's style is results oriented/laissez-faire, it works very well.

Mark