Recording depends on the speed of your network and nr of tracks you want to record. We've successfully played around with 5 - 6 tracks over a couple of minutes but in general you want to record to a locally attached drive.
Anything else ? Editing / mixing wise - sure - Load the session off the network - enable disk cache and off you go. Simple as that really. Doesn't strain the HD. Great for comping / editing / quick ref bounces etc etc