video conferencing (even lame webcam types) works great. It won't replace a face to face meeting, but it's a heck of a lot better than everyone on a conference call. And if you are coordinating with people who are a day's travel away, burning 2 days of travel for a 1 hour meeting means that even if the video conference is 1/10th as efficient as a live meeting, you're still ahead of the game. (I'm sorry, I don't count the ability to kind of sort of work on a plane, even in business class, as being a substitute for being in your office with your resources close at hand)
And if you have a high end telepresence setup like the one from Cisco with the fancy sound and video system, it's pretty amazingly close to being there in person. The big thing you miss is the ability to have side conversations, but text messaging/im/fast email sort of replaces that (while, unfortunately, leaving a discoverable documentation trail, something that a whispered aside does not).
One of the most valuable aspects of video conferencing is that it fixes the problem with straight teleconferences where you have a big group in one place and singletons in others. In the latter, there's no good way for the singleton to get the attention of the big group. But with videoconferencing, your smiling or grimacing face is down in the corner of their screen, and when you wave, they remember you are there.
Source: http://rss.slashdot.org/~r/Slashdot/slashdotScience/~3/MkFxHVhloLc/story01.htm
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