I've completed 2 major projects ($7-10 million) completely over the internet, having met most of the team only thru e-mails & drawing files. I appreciate that all of us were top professionals-from all over U.S. & abroad. Each of us knew what was required of us & performed each task ASAP. We went thru the same process that a typ. architectural team does, but we did it over the phone & thru e-mails & ftp sites, with a genuine devotion to the projects. There was little time lost due in travel or meetings where important players couldn't attend.
With the technology available today, I see this senario as an increasingly viable option to traditional architectural services.
The only thing I would like to see is a way to verify sub-contractor's backgrounds - what they say on web sites is often stretching the truth.