I think “virtual team” is rapidly becoming redundant: just as “horseless carriage” became car I think “virtual team” will become just team. Most project teams will have a virtual component (e.g. on-line workspace, chat histories) and geographically remote members, if only to involve suppliers, partners, and customers more seamlessly.

More broadly I think that virtual and on-line are fast becoming as superfluous as adjectives like horseless and electric.

Certainly virtual in the sense of simulated or on-line is losing meaning as cyberspace everts and interpenetrates our daily life. On-line constructs are intertwined with “real life” to the extent that on-line and connected is our default waking state.