Can it be done? According to this TIME magazine article, it already has been-- with a high degree of success.
As the face of the American workplace shifts to accommodate telecommuters, part time workers, virtual offices and the like, this shift toward bringing babies to the workplace is not only a welcome option, it's necessary to prevent turnover and boost morale. Not every parent will want to take this option, but for the ones who do, it's a lifesaver. I'm lucky to have found two part time jobs with great online nonprofits, which means I have the flexibility of working at home. But if I were working at a brick and mortar office, I'd definitely want one that respects work-life balance-- which sometimes means that work and life bleed into each other, and sometimes are very separate.
The age of the single-income family with one parent at home is pretty much over, especially in this tough economy. The more workplaces do to embrace the new way we work, the more flexibility they offer employees with time (everyone's number one commodity), the more dynamic and vital a workforce they'll have. That's good for everyone-- babies, employees, employers.