Only that their daily work-commutes would disappear. I live in one of the biggest sprawl-happy cities in the country, Houston, and many people live at least an hour's drive outside of town. I've even known people that lived two hours away! And they "commuted" for two hours, one-way, every day.
I don't have any figures for this opinion, but it seems that most of the people living in what are now termed as "exurbs" (basically country-living in a subdivision) are pretty much mostly office workers. They really ought to work in a satellite or home office to live that far away from the downtown areas.
While I haven't yet been asked if I'd like to telecommute, I've been lucky in that most of my commutes are against rush hour traffic flow, other than in the afternoon. It seems like rush hour traffic is both ways in the afternoons, somehow 
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