There is a place in business for both methods.
The traditional meeting "in person" can be time consuming, difficult to organise in terms of location, timing and fitting into everyone's diaries and other commitments. On the other hand, people appreciate being able to interact on a personal level with their colleagues.
The online meeting can save on expensive travel costs and can be recorded for those unable to attend if this is suitable. But reliable technology is required, this can often be problematic and makes the online meeting ineffective if there is a difficulty with broadband for example. This can cause frustration. The online environment is not always conducive to concentration as other distractions can pull the attendees away from the meeting unless it is properly managed. There are always those who have a general dislike or suspicion of technology and will always prefer traditional formats.
There are some very effective Webinar packages which will allow for the presentation of excellent online meetings and the inclusion of interactive slides and visuals. Skype and other videoconferencing methods are popular too but the traditional face to face meeting is often preferred for its social context and fulfils the need for people to maintain contact and to build rapport in a business context.