Obviously whether or not working out at home is feasible depends on what you want to do. I do pretty much all of my exercise with kettlebells, rings, barbell + plates, and a rowing machine. I have the kettlebells (2x 35, 53, 70 lb), rings, and Concept2 rowing machine at home and go to the gym for my barbell exercises. I don't have the money or room right now to spend $2000-2500 on a decent rack, bench, a barbell or two and bumpers. When I stop moving around and settle down in a home base somewhere I'll probably buy that stuff too.
I don't have any problems with motivation working out at home. When I'm in the habit of exercising regularly, I feel uncomfortable if I miss a day; I literally get the itch to start lifting. I'm also more likely to work out at home because it takes less time, and the barrier to starting is lower.
By the way, yes, you can go to failure in squat/bench in a home gym alone, you just need to set up your equipment properly so you can escape the weight if you're not going to get it back up.
You don't need an acre of equipment to get a good workout. You can do quite a lot with just a barbell and plates. Right now that's pretty much all I have access to (at a friend's house), and I'm doing a lot of deficit deadlifts and power cleans, power clean and press, overhead press, bent over rows, and front squats. He has a bench so I can do that too, but if he didn't I could do weighted/elevated pushups to hit my chest. I don't drop the weight like I just won the gold at the olympics, I stop at weights I can only hit 2-3 times and put back down. My numbers are still going up, and I don't care about maxing.
