I was responding to Bill Patient's post, not yours.
In other words I wasn't saying that videoconferencing is not often sufficient, I was saying what videoconferencing doesn't provide that physically being there does. (Besides exposure to people's bad breath.)
As for whether videoconferencing is often sufficient, I'd say that that really depends on what you're doing. For instance for a sales person, the act of showing up demonstrates your seriousness. Using videoconferencing suggests that you don't really care. With a big sale, that could be the difference between closing or not closing. Physically shipping sales people around therefore makes a lot of sense.
However for trying to sort out project details, I agree that video conferencing is usually enough.
Cheers,
Ben