Architects or rather architectural tutors have been re-hashing this kind of thing for decades. 15 years ago at the Bartlett you had the likes of Neil Spiller and Stephen Gage disappearing up their own nether regions trying to formulate some sort of philosophical approach to architecture in relation to Cyberspace or Algorithms. I often wondered if my peers that at the time worked so hard to learn about algorithms got jobs after graduation? William Gibson was revered as some sort of high priest of cyberspace at the time but even he writes about real stuff now - his latest has a plotline that involves twitter! (I love William Gibson books by the way).
Time and space haven't collapsed, just some things have got easier without having to leave the comfort of our own homes but we still go out to meet friends, have a drink, watch a movie, eat in a restaurant, see the doctor, workout, have a snowball fight. Friends in foreign parts still get up in the morning when we might be going to bed at night, have sun when we have snow but now we can have a chat over skype or send them an e-mail...nobody ever talked about the end of the world when we had the phone and the fax machine!
So, what is the role of architecture in world where time and space collapse? Obviously its to provide venues to prove that we exist and actually do have real friends after all.
Jim