I am a software developer and I was hired for my current job to bring back all development from India. I was tasked with bringing all development back in-house because the offshore projects were behind schedule and suspect quality, not to mention the communication issues.
What we do now is do a combination of in-house development and rural sourcing, which is hiring U.S. developers in the midwest and midsouth in areas of lower cost of living. They are more expensive than offshore developers, but much cheaper than developers in major cities and these rural developers are in the same timezone.
I think you will see more and more rural sourcing cutting in to the offshoring of jobs. I don't think there will ever be a full reversal of offshoring jobs, just that rural sourcing will become more and more viable and desirable.