OK, I'm a little late hearing about this, but: there's a company in the States called SeaCode that thinks it's figured out how to get the cost-effectiveness of offshore programming without the management hassles of an eight-hour time difference. Their solution? Stick a bunch of programmers on a boat, and anchor it just outside the international line due west of Silicon Valley.
Gives a whole new meaning to the phrase "software piracy", doesn't it? ;-)