In the digital age the reality of working from "virtually" anywhere is a virtual possibility. When I was coming up in the world an office was a hub, a place where you had to be to get things done.
Today, as just about everyone knows, that is not the case anymore. But is that a good thing? I think you can make a case either way. Work virtually, multi-task your life. Doing a proposal in your pajamas. No problem! Send that press release out in the middle of the night. Of course!
But what do you lose when you lose face time? Well, you lose face time. You lose reading those subtle nuances only captured in a person; you lose one-on-one human connection (if your boss is a screamer that may be a good thing). I like a hybrid of both. I like being able to move freely and do work as I go. But I also love the personal interaction and the great ideas that happen when people meet.
I'm glad technology has freed us of the tyranny of the office (though not of work because now the expectation is that if it can get done do it). But I also think we need a good dose of real people in real time. So go ahead create a virtual environment, just make sure you get some people "in there" when you can.