I've found that I really enjoy this arrangement. I still feel like we have team cohesion while at the same time I can get done my transactional work two days out of the week without being disturbed. We schedule meetings where we need to collaborate for M-W-F. If we do need to get together on T-Th then we fire up a Google Hangout.
For me it seems like the best of both worlds. I reduce my commute and transportation costs 40% without really losing a lot in return.