Email interrupts too, and probably worse because it happens ALL THE DAMNED TIME. Slicker systems like Campfire can be better, but you're still dealing with asynchronous versus synchronous communication. Synchronous is almost always more efficient.

The whole problem with the OP's premise is that his root cause analysis is flawed. He sees that most meetings are inefficient, and therefore assumes inefficiency is caused by meetings. But meetings also provide other efficiencies. As long as the added efficiency outweighs the cost, meetings are a net win.