I work in a small office of a big company and have a 10 hour timezone difference to my most important co-workers. We chat on the phone but I don't really enjoy it. I'm not sure video chat would help, but I might be willing to try.
But it would be slightly inconvenient because of the timezones. We might have 10-20 people from 5-10 locations around the world. This means that many participants call in from home before work in the morning or after work at night.
That said, I'm quite happy working remotely mostly from home.
I feel that travelling occasionally and meeting the people in person (and having lunch, dinner, beers together) makes it much easier to work together. There's no substitute for human contact.