For me personally, even if I live in the same town as my best friend, I will barely see him. Most communication that deeply matters to me happens through text messages or email, not through in-person interaction.
I also tend to have a very small number of people that I consider friends, but I am fiercely loyal and protective of that small set of people. I don't want a large network of friends because my experience in life is that very few people are able or willing to help me and very few people share the perspectives that I have.
For the few that make good friends, geographical distance is one of the last things I would expect to affect the friendship.
I've always felt that friendships shouldn't be based on physical proximity, and in my opinion it's not really fair or prudent to other people(or yourself, for that matter) to boil a relationship down to a binary yes/no. Personal example: I live in NJ, and a college friend of mine moved to FL shortly after we both graduated together in 2004. His(and his wife's) kid just turned one year old, and while we don't talk every day, we still keep in good contact throughout the week despite both of our crazy busy schedules. Contrast that to another someone else I've known since 8th grade: we went to middle/high school and part of college together, and continued to be great friends for a number of years post-university. However, we barely talk or hang out anymore, maybe once every few months, and it's pretty clear that we've drifted apart, despite living only maybe 10-20 minutes away from each other. I admit that I don't really put much effort into my friendship with him, as I'm sure he feels the same as well, but I wouldn't say either of us are bitter about it. I guess what I'm trying to say is just because someone isn't right there in driving distance doesn't mean they aren't there for you.