littlestream, this is being introduced as a 'pilot project' so I
don't think that candidates on this scheme will be 'forgotten' and
redundant bah! 
You still have two
days back in the office to show your face and make sure you're not
forgotten leh! 
I think this concept is pretty common in the US and Europe.
Companies get to save on office space and resources too, plus with
phones, cellphones, video conferencing and the internet connection,
it might not make much of a difference whether the employee is
sitting there in the office cubicle or not. 
I would love to be given the opportunity! You can save on the costs
and frustrations of travelling to and from work every workday, plus
on top of that, you can take unscheduled 'breaks'.
You can multi-task at home, especially during lull periods, where
you can turn your attention to pottering around at home instead.
You can do stuff like
the laundry whilst you're sitting in front of the PC, so it cuts
down on the housework you have to do when the rest of your family
is around and you can have more quality time with your husband and
son.
I guess the discipline would be a problem cause you'd be tempted to
sleep in late, to wander off doing more pleasurable stuff, cannot
che diam diam (sit still) at your home office and become restless,
etc. Plus if you're the sociable sort, you might even miss the
interaction with your colleagues... but three days out of five
isn't too bad, really.
And then imagine, if you're having a bad mood day or bad hair day
or whatever, you don't have to force yourself to put on a front
because you're at home and there's no need to meet anyone
face-to-face.
Take on the challenge, littlestream!! 
It's really exciting!
