The OP of the question Would a lunar telescope provide a significant improvement over terrestrial based equipment? got slightly trounced for asking "the wrong question", but this answer does address both the question and "(t)he real question (which) is what advantages, as well as disadvantages, does a telescope on the Moon have over a telescope somewhere else in space, e.g. in Earth orbit or at a Lagrange point?
When I saw the bit about interferometry being done in space via:
precision formation flying
I became really interested! For example, the individual telescopes of the Atacama Large Millimeter Array (ALMA) are moved around to different mounting sites (by trucks) to reconfigure the array, but the location of those mounts is known to essentially millimeter accuracy. This is important because the 3D configuration of the elements of the array must be known to do the correlation properly.
I understand that "known" does not also mean fixed. Once characterized, orbits in space can be incredibly well known or at least predictable, especially if "double checked" at regular intervals.
And I'm a firm believer in "Space and Optics were made for each other."
So I am wondering, how will "precision formation flying" likely be first demonstrated?
above: an ALMA dish moving in precision, albeit deeply sub-orbital motion. "The first successful movement of an ALMA antenna took place at the Operations Support Facility (OSF) on 8 July 2008..." From here.