My husband and I have always been fans of "not putting all your eggs in one basket." Since he graduated from college and got his first "real" job, we have tried to have multiple streams of income. For example, he has always had a regular job and done contract work on the side. Virtual employment lends itself to this philosophy and helps even out the bumps in one's personal economy.
I am a virtual assistant. I have more than one client. If one client goes under (or heaven forbid - fires me), I have another to fall back on. I'm not saying it wouldn't hurt, just that I wouldn't be without income. If more people in America had multiple income streams, for example from virtual employment, think of how resilient we would be. We would save fossil fuels, we would decrease congestion on our roads, our children would have their parents at home more. Time previously spent commuting would be time spent with family. Virtual employees come with less overhead for companies too.
Virtual employment is not without its problems and potential abuses. However, it could improve our standard of living, not only on an economic level, but in terms of personal fulfillment as well. I hope the silver lining of this economic downturn is that more employers start using virtual employees.