Web chat does away with two (at least) properties I have come to appreciate in written communication: being asynchronous and contextual. Although modern web chat systems typically work even when you're offline by sending notifications, they're primarily a realtime system. There is the implicit or explicit expectation that a chat message (especially a direct one) should be answered asap, unlike an email or a tracker comment. As for context, there is little to none. In more than one company I've seen chat effectively replace the dedicated bug/ticket tracker system, with people polluting one or more channels with intermixed discussions that would be better off as comments on the ticket at hand. It's a mess for anything other than transient, throwaway stuff you wouldn't mind purging after a few hours or days.
Looking forward for a "web chat considered harmful" blog post if there hasn't been one already. </rant>