I think people make a mistake when they assume that the stand-up is about an exchange of data. It's not. It's a social construct. Technology development, especially in a team, is a social activity. We need to create social rituals for it to work at maximum efficiency.

The "bugs" he sees in the process, "synchronous, everyone needs to be in the room (or on the phone), and often after the meeting much of the content is lost" -- those are features.

People need to synchronize for social purposes. They need body language to help debug subtle performance issues. They need to have problems shoved in their face to either act on or forget.

That's all great stuff.