A skype game might work, but only so long as the connection is good. It still wouldn't be as good as face-to-face, imo though.
The RMFRP game I GM has been running (in various forms) since the mid 90's. A few years back, I moved to another country, but that didn't stop the game. Skype gaming works fine for us!
All of the players are in a lounge room in Australia, with the GM (me) on the big TV screen, Skyping in from New Zealand. For quiet asides to a player, the player goes into the study and I Skype into there for a quick chat. I've tried a few of the online tools, but I've gone back to just sketching maps on a bit of A4 and holding that up to the camera as required. A decent omnidirectional mike on the player end is essential.
As good as actually being there? No, but it's pretty close. I do think it wouldn't work as well if all the players were Skyping in from different locations as well as myself, but the fact that they still all get together in the same place, with the same junk food and social interaction, really seems to make it work.
And I'm not sure it would work as well if I was a player, rather than the GM, and the GM and the rest of the group were in one location that I was Skyping into remotely.
You do need a reasonable internet connection for this. Skype's pretty good at handling problem connections, but we have had one or two games that I've needed to stop early due to persistent problems, and I don't think we've ever had a session where I haven't needed to hang up and call back once or twice.
But all in all, I've found it works quite well.
Regards,
- David.