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Interesting thoughts.
But, I often go out to eat or have a drink after the meeting, with those people. Sometimes we skip the meeting and the bar or restaurant is an even better place to be productive. (no charts! win win!) Your system is more formal in that aspect.
My view has always been that meetings are basically pointless unless you give them value. And that can be done by knowledge, decisions made there and then, new information and most of all, as you mention, networking with the people you spend time with, you do business with. So to me, less formal is more productive.