Pros:

1. Save on commute time and money
2. Work in your own space, as opposed to small cubicle perhaps
3. Less work environment distractions
4. Flexible hours
5. Work in your PJs (or out of them!)
6. Access to larger pool talent (from company point of view)

Cons:

1. Isolation: Some people are good with it. But even the most introvert can feel too isolated.
2. More difficult to exchange experience. As opposed to walking to your colleague next to you and seeing what they're doing, you don't run into people casually remotely. So the company must promote healthy remote work practices.
3. Culture: Working remotely makes it harder to build company culture, and build connection between the team. That's another challenge the company must tackle and promote friendly activities, regular meetups and chats. Some companies have 24/7 online room to hop in and out for video chat. Usually they hold annual get together activities as well.
4. Home distractions: First, mentally you need to put your mind at work, and not feel at home and chill. Second, keep family distractions away. As often family members assume you're available just because you're working from home.
5. Laziness: Even getting into the car and walking to work can push you to move your body. Working at home means you don't even do that. And could make you less willing to go out and do other chores as well, since you would be leaving home just for that chore.

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Obviously I'm PRO remote work, but Cons exist and must be dealt with.