Pros: satisfying work, flexible hours, at home
Cons: low pay, no life/work balance, no security or advancement
Working from home for low wages is probably an ideal assignment for someone with school-age kids and a spouse working outside of the home. I can't recommend it as a sole source of income for a single person like myself, except perhaps as a "from hunger" job to tide one over between higher-paying contracts at Amazon and Microsoft. But the contract-to-contract lifestyle can burn through one's financial resources rather quickly, so my advice is to always try for a full-time job, if you can find it. Also, unless you have phenomenal self-control, working from home tends to erode one's life-work balance. Hence, it loses one of the key selling points of contracting. It's low-wage office work outside of the office. That said: I did enjoy learning about far-flung hotels, editing hotel descriptions down to the simplest language, and the challenge of clearing a global or regional queue of requested edits in a set period of time. But it was a short, low-paid contract dangled between longer, more rewarding assignments.