I've been working remotely (on and off) for a total of about 6 years. I live in Eastern Europe and worked for UK/US companies. Most good and bad things are in here, some already mentioned. So here goes the good:
- differences in culture that allow you to communicate your ideas and gain trust faster than in a local company (such situations: adoption of agile methodologies are way behind in local companies still stuck with waterfall when compared to US ones);
- better pay compared to local deals;
- work with international teams connects you to the pulse of a market you would otherwise only "observe" from a distance and maybe think the people running those sites/businesses have an extra "something";
... and bad:
- (depending on your location and legislation) all overseas employers I worked with are NOT willing to pay social insurances that are paid by a local employer (this having the right to medical services and retirement income)
- the "what have you been working on" syndrom: for managers that have little or no tracking in place BUT do like to "be in touch" and micro manage;
- no paid official events: I had a unfortunate event in my family, my father passed away, and had to take 5 days off - did not get paid for it. Local legislation specifies that the employer has to pay 5 working days in such events (also for weddings and child birth). This might variate depending on your local legislation;