Whilst it may be true that nothing can replace face to face meetings, ever increasing workloads and meeting schedules mean that few can spare the time to conduct these meetings face to face as often as may be required. With this in mind, video conferencing alleviates the need to travel to all of your important meetings.
The Benefits
Cost - If you were to conduct a cost analysis of travelling to a meeting versus video conferencing, you'll be surprised at just how much you can save, but sometimes your time is more precious...
Time - generally participants taking part in a video conference are better prepared for their meeting - they have had little or no travelling and as such are refreshed, focussed and decisive in their meeting.