ProTip: It really helps when your manger is remote as well. It's harder to bias themselves to preferring local employees that way.
Positive: I worked for a software company that had a solid mix of remote and co-located (in the office 3-4 days a week) employees. People and offices were located around the country. Since there were a solid number of remote employees, things like picking up the phone and web meetings were never an issue. No major issues with career or visibility. When we had a massive restructuring, many of the people I worked with moved to other remote positions and that helped me move on as well. Important: Traveling and meeting people in person really helps others remember you exist.
Negative: I worked for a company were there was an obvious headquarters. All decisions came down from there, and anybody who wanted to have a upward career in the company eventually moved there. Being at an office location outside the headquarters definitely stalled your career, and being remote was even worse for your career. Even people who had the option of being remote would come into the local office a lot for visibility reasons. Even if you were remote, it was useful to be near an office where your manager or manager's manager was located so you could meet them on a regular basis.