I think David said something like: "life / work balance is a hoax. Because life is 'work' and work is integral part of life" (in Making it all work. I have only audiobook, cannot check right now).
Personally I have found GTD makes work / home separation easier. Because I unconsciously know all work related actions are on a list which I look when it's appropriate. Also when I'm working I don't have to worry about home stuff because home related actions are listed on @home.
I have few separate email addresses. One for work, one for non-profit work and one for personal use. Partially because like contexts, I want to separate different sources of inputs. Also, If I quit my work or non-profit work, transition will be easier. If I quit my work, I don't have to deliver my new email address to all my friends. Or stress about getting emails which are related to old work and actually belong to inbox of someone else.
I don't think there is one correct way for life/work (or home/work) separation, because people are different. Everyone has to find his/hers own balance.
Total GTD newbie, better with the GTD theory than implementation.