You can usually find a way to make it work with any pair of timezones (e.g. North America and Europe, North America and Asia), but when you throw in a third distant timezone it becomes a huge pain.

At Mozilla, we had people working on the same project in North America, Western Europe, and Australasia. The meetings alternated between inconveniencing Europe / Australasia, but the additional latency of having all 3 timezones involved in decisions really slowed things down.