From your responses, it doesn't seem like your company is putting forth even the bare minimum effort to make it work.

I say this is a failure of management more than anything else. Tough pill to swallow if you have company pride, but a lot of people have figured this out many months ago. Doesn't mean it's perfect or a replacement for in-person meetings, but many teams are far ahead of what you guys seem to be doing (which is essentially nothing?).