Virtual Assistant? Will It Work?

I've been an assistant in the office setting and this is my first time doing it "virtually". I know there are alot of you that have these assistants and many that are. I'm hoping you can help this newbie with the ups and downs. What works? What are the pitfalls? Any great lessons learned? I work for Lise Howe (you may have seen her blog). I have known her most of my life so I have a strong comfort level as always working for her but never entirely from home. So lay it on me folks!