I am on these things all the time, and, they can be that bad. At least, historically.
Lately, I think the software is better.
Its mostly about driving or flying to a meeting (Which by the time you go there, and back, might kill an entire day) in person, to talk for 30 minutes, or, doing a phone conference...which just kills 30 minutes.
So, you can lose 8 hours to have 30 minutes of 90% productive talk in person, or, lose 30 minutes to have 80% productive talk over the phone.
Most companies go with the phone conference if they can for that reason.
Of course, many MEETINGS in general area total waste of time....as typically a few emails would present everything being discussed, and be done with it.
Meetings where true collaborative effort is needed are the ones that can be worth it, and, that's about it.