Yes, in fact the company I work for provides, bar none, the best experience for video conferencing and collaborative online whiteboarding I've ever used. We go to great lengths to reduce latency and make the discussion feel as natural as possible.

Its still, at least to me, markedly less productive, than an in-person meeting.

Like I said, conferences, summits, etc. These are done for a reason. Not to mention that there's some research I've seen that suggests that places like Bell were so successful because they cultivated happenstance interactions between smart people that don't happen in distributed environments.