Well... maybe there's some kind of model in which you would actually look forward to seeing your colleagues in person.
Personally, I've done in both ways. When my partner and I sold our business to a company that was on the other side of the country, I no longer had a two hour a day commute, which was awesome. I also didn't have a team I saw in person every day, which I very quickly grew to miss. And I'm not the most sociable person in the world. I'm more than glad to spend a few days or even weeks working by myself. But as weeks stretched into months, with only emails, teleconferencing, and the occasional cross-country flight, I grew to hate telecommuting. It's great to be able to do it even a couple of days a week, but if I had the choice of woking in bathrobe in the spare bedroom ALL the time or spending two hours in the car EVERY day, I'd go with the commute.
If I were starting another company, I think one of my priorities would be to make being there fun, stimulating, and personally rewarding. I'd make it possible to telecommute, but if people began to see it as their primary mode of working I'd consider that a red flag.