I do think it's the future, for a lot of reasons. There are so many collaborative tools now that working from home doesn't need to be an isolating experience. They have also done a few studies that show that it actually increases productivity, as well.
Naturally, there are some workers who take advantage and just sleep in & go to the movies, but that's pretty easy to identify in a pretty short timeframe. Most people who telecommute end up working more (like those hours that they were previously wasting on commutes), and also get more done due to fewer interruptions.
I get Yahoo's logic w/ certain creative jobs - there is something to be gained from just random conversations had at work - but ultimately, there are much greater cost-savings in a remote workforce.