As someone who really really doesn't enjoy business travel, I'd like to believe that videoconferencing is just as effective. This paper from researchers at MIT suggests otherwise - that physical presence actually helps build trust and understanding between participants in a way that virtual presence doesn't. If the paper looks too daunting, here's a CNN article that reports on it.
The paper is all the more interesting because it's written by Mark Mortensen, who has done lots of proper grown-up research on distributed teams and the role of technology in helping to manage task conflict.
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