Wow, thank you everyone for some very insightful responses! The article "If Everyone Awakens, Will We Starve?" had some great points to make too, I thought.
Here's another interesting question to pose... if we as the human race were somehow able to take all our collective resources, technology, skills, and knowledge and intelligently apply them to meeting everyone's basic needs (shelter, food, water, clothing etc), how much would any one of us have to work to maintain a very comfortable standard of living?
Its really quite amazing how much potential in this world is just pissed away in pursuit of money and power for their own sake - if these resources were shared and used in a more equitable and intelligent manner, especially with the use of modern technology, I don't think anyone would have to work more than a few hours a week to meet their basic needs. Beyond that, people would be free to pursue their own interests, purposes, and passions.
Artandstuff - check out
Findhorn Foundation: Spiritual Community, Ecovillage and Education Centre, I think you might find it interesting. I'm not personally affiliated with them, but I ran across their website a while ago and I was very intrigued by some of the stuff they're doing - very much along the lines of what you're talking about with building small, self sufficient communities with local business etc.