I've worked that way for 20 years. The product group I lead, e.g., from 2006 through 2014 was a total of 150 or so people, located in 4 up to 8 campus facilit

I've worked that way for 20 years. The product group I lead, e.g., from 2006 through 2014 was a total of 150 or so people, located in 4 up to 8 campus facilities on 3 different continents, and at least 40 or so individuals whose only office was at home. If you looked at all the individual "deliverable" teams in that group, I don't think there were any that didn't have key contributors who were not co-located. So they all functioned essentially as everyone remote, all the time. (The downside to that arrangement for me, since I was responsible for the entire group, was that a work day spanned the entirety of the hours I was will to be awake. One soon learned to be brutal about blocking out non-work hours during your local usual business hours so you could accomodate the 5 and 6:00 AM calls that required people from Eastern and Western Europe, and the 8 and 9:00PM calls that got Asia, Singapore and Australia on board. We tried to keep individual teams from being constituted from more than 2 continents just to keep some sanity in people's lives).