It depends on the type of people you work with. Some people are "groupthinkers", so they like meetings.
Most people I know, find the very concept of being locked into a room with a group of people an unintuitive and frustrating productivity-killer.
Conversations can spark ideas, but you can not force creativity by putting people in a room. On the contrary...
That's more like an experiment with rats than a natural human communication venue.
In this age of gazillion communication applications, Dave Berry's quote rings more true than ever.
If you need to talk to someone in person, you can walk up to him/her. Everything else can be handled much more efficiently in email, IM, social media etc.
Those give you time to think ideas through, so you can flesh them out before communicating them and they give you a record, for free, so you can look things up later.
Nothing improves morale like respecting people's time!
Instead of putting people in a room and giving them a specific time window, how about communicating when we actually have something to say
I know, what a concept!