Video/screensharing meetings are far more productive in my experience, but only if everybody is using the tool. Its frustrating to hold an in-person meeting at the office, and try to add remote folks. The local ones shut out the 'voice on the phone' and start drawing on boards and paper and it breaks down.
I spent 10 years in a company that had all meetings online, even if you were in the office. It was very productive, with all the automation tools at everyone's disposal at every meeting.
Also with our tool, it took an average of 30 seconds to get a meeting started. Vs the 15-minutes-late average starting time of in-person meetings