I'm guessing it's the same thing - just a new name for it. I remember teleworking centre's being the first sort of internet cafe's in rural areas. Personally I love working from home, but I've got a wife and kids around to keep it interesting, and a room dedicated to home working which enables me to keep it professional. However many people I chat to have issues working from home...
Co-working would seem to be the best answer for people who don't like working full-time from their own home.
This boingboing article:
http://www.boingboing.net/2007/02/27/coworking_facilities.html
points to this excellent wiki on co-working:
http://wiki.coworking.info/
and a google group for the uk
http://groups.google.co.uk/group/coworking
and a business week article with loads of pictures of different co-working venues
http://images.businessweek.com/ss/07/02/0227_coworking/index_01.htm
I'm looking forward to finding out more about this stuff :) Would love to find one in Devon or Sommerset - or maybe even start one ?!? who knows.