It makes a big difference how flexible your schedule is. I used to work from home and could take a few hours to see a museum/movie/etc in the middle of the week. Saving 5+ hours a week in commute time frees you up to be a lot more social as long as you actually leave the house regularly.

The flip side is I also had weeks when I never left the house or really spoke with anyone, but as long as that's not your normal schedule it's IMO not a big deal.

PS: I know some people who really got into online games with that schedule. An MMO is not quite a social life, but it's easier to maintain if your hours get wacky vs. the local culture.