DearMYRTLE and Cousin Russ have published the first in a series of G+ HOAs on the topic of why you should consider hosting a virtual meeting. Their format of choice is Google+ Hangouts On Air (HOAs).
Why? First of all, it's free! You can't do better than free, can you? Secondly, it doesn't have to be a formal "meeting" of a society or group. If you have a client that is across the country, what better way to present your report than in person. With Hangouts, you can.
How you use the application is left to your imagination and endless really.
I recommend getting up to speed with all that G+ and Hangouts have to offer.