I work as IT-Support for a university and during the last months I mainly had to do with video conferencing both on and off work (a person living in my household still studies and they have been in conferences as well).
My feeling is: video conferencing took hold for two main reasons (in the university context):
1. It is the most straightforward continuation of whatever existed before (those who talk, talk and those who listen, listen)
2. People have desire for beeing close with others
However in terms of efficiency, I noticed that the raw educational value of some (often 4h+ long) meetings could have been summarized by watching a well produced 15min video and reading a 10 page PDF, if one were to skip all the chitchat and pointless hollow remarks. In terms of information density the seemingly unlimited nature of video conferencing doesn't work out well in practise (especially if paired with people who like to hear themselves speak).
Most of our educators are certainly not happy with what it does to the way they have to teach (less interactivity — anything other than a 3-way conversation is nearly impossible, the rest has to be passive). They say it leads to more frontal and less communicative education.
As musician, artist and programmer i know async collaborations and projects — the best stuff was always a combination of sync and async. This is why I tend to recommend to our educators to view video conferences not as the replacement for their usual seminars, but as part of a strategic mix with synchronous (video conferences) and asynchronous components (email, collaborative text editing, etc).