I recently had a friendly debate about this with a friend (ex-Yahoo of the golden years). The interesting thing is that a distributed organization, such as Yahoo or Google, or pretty much any multi-national, telecommuting is already in their work practices - whenever you have to coordinate across office locations, you are effectively telecommuting to that office.
However, that's not the interesting part of the conversation. What we pretty much both agreed on is that as the technology progresses, what we term in person interactions will change drastically. Today, when we talk about virtual reality, we are still bound in our conduits into that world.
Imagine if we had the ability to completely immerse ourselves into a virtual reality, Matrix-style. In that world, your commute is nothing more than going to a chair and loading the program. From there, you can appear anywhere in that virtual reality. It can be in the shape of an office, or a green field with desks, or no desk, pretty much anything the organization/group of people wants. With the totality of human senses present, neither of us debating the issue could see anything missing that a physical presence would provide.
Throw in the current trend of shrinking employment, and the future of the office buildings in the next few hundred years seems to be in question.
Technologically, we are not there yet and it's not clear if this will happen in our lifetime. However, it no longer feels like a pure sci-fi notion.