Most international projects I've participated in has come to this conclusion sooner or later. Not having the physical space divide and the language barrier coincide helps a lot. Not having a huge divide between business and development helps, too.

A stop gap method is getting the whole team together for a couple of weeks, so you get to match faces with voices and learn manners and habits of your overseas team members. This helps a lot with further communications.

Still, the amount of information you miss can be staggering - not just from decreased deliberate communication, but from not getting ambient information about your team members knowledge.