It depends on how much you're swapping around. My co-writer musician is basically a much better guitarist than me. Once we've shared a Song via Dropbox (for me), which might involve 12-16 tracks at 48/24, we're generally only transferring one or two tracks at a time. Only I do mixes, with his feedback/opinion, so having g exactly the same plugins isn't an issue, and any odd VST instruments are rendered into wave files.
Really, we've been trying to do this for years, but only in the last 2-3 years with improvements to the internet has it been practical. And the net isn't great here in Oz ... workable.