Not sure that is quite right. If you stand in the same place and take two photos of the same subject, one with a normal lens and one with a telephoto, the perspective will be the same in both shots. Perspective is a function of viewer position. The telephoto image is just a portion of the normal image. The telephoto compression effect is simply the result of effectively bringing that portion closer and filling the frame with it. If you stand far enough back from an image taken with a telephoto, the perspective should appear natural enough.
Originally Posted by clayne