If you are a new leader, getting people in the office to build rapport, trust, and develop a shared vision is important as Meyer had recently joined before giving the edict. At yahoo there was suspicion that people whilst remote were not 100% committed on their tasks (this is debatable).
Nowadays, skills are "deeper" in that there are more specialities. That means different perspectives amongst differently skilled staff collaborating to a goal. So for that, you have more need for face-to-face discussions and consensus building. Technology is more leveraged now, so smaller teams need to tackle jobs previously done by an extended team. So the benefits of close working are now more amplified than before.
Also with noise cancelling headphones, quiet rooms/focussed pods, etc. you can be both present and isolated as needed.
Collaboration tools on the other hand have become excellent. With VOIP, desktop/screen/mouse+keyboard sharing, you are virtually sitting next to the other person. (GotoMeeting for example). This pulls things the other way in favour of remote working.
So whilst it may appear we're going back to the old days, there are complex forces pulling in both directions, and overall I think focussed hot spots seen in the high tech industry will only grow stronger in the medium term.