I agree with the OP and would go so far as to propose a generalization of Joy's law ("No matter who you are, most of the smartest people work for someone else" http://en.wikipedia.org/wiki/Joys_Law_(management)):

  "No matter where you are, most of the smartest people are somewhere else."

An employer or business partner insisting on full-time face-time will be at a disadvantage compared with competitors who are more geographically flexible.