Pros
Individual Benefits
The basic benefit of telecommuting (TC) is the regained productivity from not having to commute. These include car-related expenses, time, etc.
An additional benefit of TC is the ability to shop for employers (owner globalization). This means that in a post-TC world we could compete with other workers for jobs with a much greater pool of potential employers.
One of the primary benefits of living in an area with low [property and sales] taxes and telecommuting to an area with higher taxes would be the effective "tax break".
Among the other benefits that people perceive are the advantages of not having to socialize/communicate with their coworkers.
Another potential personal advantage of TC is the markedly decreased scrutiny that TC workers must bear from employers.
Macro-economic (Employer) Advantages
Employers also stand to regained a great deal productivity from employees commuting. Among the greatest of these expenses are office-related, such as rent, air-conditioning, security, etc. Beyond this, employers are also (in a sense anyway) employees themselves, and enjoy the individual benefits personally.
The ability to shop for employees (labor globalization) is perhaps the greatest benefit of wide-spread white collar TC for employers. Obviously, somewhere in the world there will be qualified people who will be willing to compete with the current batch of employees.
Tax liabilities wither when you consider the ability to shop for countries to staff your organization with. Clearly competition in favorable tax rates by states and countries are going to be important drivers of competition in the post-TC world.
Security, Environmental and Quality-of-Life advantages
The carbon-footprint of the telecommuter is obviously a lot smaller than that of the commuter.
In the post-911 world we live in security is a huge concern and has driven many changes in society. Seemingly it has influenced people to live farther from cities, particularly in regions with cities that present strong symbolic targets for terrorism.
Although it is an topic of some controversy, disbursed population patterns are widely thought by many to be "better". This is clearly part of already existing trends toward suburbanization. Among the factors that people consider are less traffic, crime, and poverty in suburban settings. Also the availability of more recently built housing stock supports a culture of the new that drives a lot of smiles. New cars. New faces. New houses.