The Oil Drum does a superb job of refuting that tired, gloomy prediction by some peak oil theorists that we will need to go back to small farms and hand farming. They show this is not based on fact, but on nostalgia for the past.
Industrial agriculture is likely to be stronger and more profitable when oil prices are high, not weaker. So the reversalist future of local food production on smaller farms with higher labor input will not come to pass as a result of peak oil.
Thus the industrialization of the land is not a reversible process any time soon – it is a fallacy to think so. The reversalists are expressing wishful thinking and nostalgia for the past, not a reasoned analysis of how the future is likely to play out.