I just started listening to this band Miseration last night, which is a collaboration between members of other bands which I've never heard of, but the vocalist has been in Scar Symmetry, Solar Dawn and Torchbearer. Anyhow, the band has two solid albums out already and is now working on a third release, which is interestingly enough being recorded in multiple places all thanks to the magic of the internet!
It might not be as extreme as Slice The cake, who've never actually met each other, but still having to do things over the web is still a bit of a burden, but these guys should be able to pull it off no problem. In the mean time, check out their previous albums Your Demons ~ Their Angels, and The Mirroring Shadow. Both are really good.