I hate dial-in meetings (even a single dial-in can ruin a meeting, unless he is totally ignored). I hate almost all video conferences. I also hate unnecessary travel.

(I've been stuck doing 4 voice conferences/week with people on very bad DSN phones on multiple continents, using substandard audio bridges, and with inconsistent use of "mute" -- 50% of the time is wasted on introductions of who is speaking, "oh, can you repeat that", etc.)

The least-bad meetings I've found are on IRC -- especially if there is technical content to be discussed. I would make "is comfortable having meetings on IRC or one on one discussions in IM" a firm requirement for anyone in a startup.

I think a bunch of "social" meetings, dinners, etc., combined with "real meetings" on IRC where remote people can participate as first-class attendees, is the best.

Wave actually looks like it might be even better than IRC.