Suburbia would have to disappear - at least for those who can afford to not live there - because when we were spending 16 hours a day there we'd realize what a terrible place it is to live. Big cities would still be desirable places to live - they still have theatres and concert halls and museums and art galleries - in fact they might become much more so, as car ownership became less common. At the same time, since leisure travel is a much poorer source of income for mass transit than commuters are, rail and bus services would decline - so overall transport would be poorer, and the gap between rich and poor - city and country - would widen. Small towns would shrink and vanish, because many of them exist solely to support one or two industries in that town.
If everyone who really could work remotely did so, nothing much would change because most jobs require a physical presence.