This is a big win for consulting firms as their offshore profitability per employee is 3 times higher than onsite. Given a choice, they would want all their employees offshore, and the only reason they had to bring in some % of H-1B's was on the US client companies request, which they may do away with
The clients probably have a reason for wanting consultants onsite. Many modern software development processes ("agile methodologies") require ongoing communication between a customer and developers. This is a lot harder remotely, especially when you factor in language differences and time zones. So a significant number would probably pay more to keep a local dev team.