I absolutely think you lose something from lack of face-to-face contact. Some of the most productive leadership and decison-making sessions I've had came from sitting around a table or sharing a meal or a drink with a team, and going back and forth about something.

Additionally, casual contact helps too. I put a couch in my office, and people would come just sit down and talk. The setting set the vibe. I had some great conversations with people just kicking back that I would have never otherwise had.

I absolutely realize people will disagree, but this is my experience.