Yet here goes my rant. Nothing can replace a good in-person interaction. Perhaps I'm the old guy in the room. When teams are trying to build something there is nothing like water-cooler talk and banter about the work that helps relate shared challenges. Granted this is going to very specific to organizational needs.
I don't work in software development so perhaps my needs are different than most on Hackernews. I've managed teams in person and remotely. I've found that managing in person is a much more productive way to work.