Would You Forfeit a Raise to Work From Home?

harryk asks: "There seems to have been a fair amount of talk about new jobs, telecommuting, and fair pay recently, so I pose this question: Would you forfeit some or all of a potential raise to work from home? My company is notoroisly bad about giving decent raises so I have been contemplating offering an alternative to receiving a raise, or a reduced raise with an expense reimbursement for telecommuting? What are your thoughts?"