I've been finding for our development, marketing, etc. that is matters almost nil where we're located. It's just so easy to do things remotely using Skype, IM, good source control, etc.
What are you finding? How many of your startups are entirely made-up of people who come in and sit in the same place together?
What kind of problems do you foresee for a small distributed team?
It was key that we all got together for the project kick-off for a week or two and got to know one another a bit. Being able to picture someone, and having a sense of how they communicate, how their sense of humor works, etc... can make non-face-to-face communication later much easier.