Meetings can be a huge time suck if not run efficiently. It is very easy to drift off topic and not find your way back for large chunks of time. It's best to reserve certain times of the day for meetings so that there are more contiguous blocks of productive time. At Collective Intellect we do dev meetings only in the afternoon, while the majority of business meetings are in the morning. Have a set agenda, make sure everyone knows it beforehand, show up on time, guide the meeting quickly back on track if it starts to wander, schedule for no more than 30 minutes, and probably best advice is to not even have a meeting where an email exchange would suffice.
fyi, an excellent post from the past by 37 Signals on the same subject can be found here.
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