I've been part time for the last 2 and a half years and I see no reason to go back to full time work
If you work three days or less on a project you can fall out of the loop and find that you miss out on a lot of important word-of-mouth stuff. I've been doing 4 days for some time now and it takes a little management to remind everyone you won't be in and you have to manage the occasional call on your day off but it doesn't matter if you can still bill for it!
To give you the complete picture, I'm part time to look after my son and started just before his first birthday. I started at (working) 2 days a week and that sucked.
As for telecommuting, for me it works wonders in short bursts, that is I can be more productive when I work the occasional day from home, but doing it too often is lonely and I personally start to lose the impetus.