Yes - you will be able to either have an online or physical group (or both) - if it is physical then it's still up to you as the Group Owner who you allow in and under what reasons you deny them (location might be one of them).
I am actually working on the new version right now and I am basing it on
YouTube's Groups implementation, but better ;)
Thats a nice thought actually - if it is an online group to be able to see when your friends are online and which poker room they are in! I'll have to think about that...