You have a point. But you are assuming that meetings are about exchanging textual information. Usually there's more than that.
It's often important to get an idea about how stakeholders feel about different ideas. You can see facial expressions of everyone in a room and hear the way people speak at the same time as you're processing what's being said. All this information will not be in your chat/email thread at all. Also, not everyone is a great writer, many people will communicate much less details in writing than in person. Part of the reason why management likes meetings more than developers is because non-verbal data tends to be more important for their jobs.
Plus, what about visuals? Drawing on a whiteboard is easier than drawing in any software package I know of (even if you've got stuff like Wacom tablets). It's also easier and much faster to point to something than to explain it verbally.
Overall, I think the benefits of asynchronous workflow far outweigh the drawbacks (btw, anyone got a list of companies that use it? :), but it's important to understand the drawbacks as well.