True, it doesn't include VOIP, but it does include a free conference call number. I've found that VOIP, while I love it and use it, can be difficult for regular business people to use.
First, they need to have a microphone and either speakers or a headphone. Not all business people do, really. At my last corporate job, I brought speakers in from home, as they were not provided by the company.
Plugging in the microphone and getting it to work is not intuitive. Yes, you can click on this and then on that and then unclick the mic mute, etc, etc. For most people that is just too much work.
Using the phone instead of VOIP is also easier in that I can initiate a session in less than a minute. Say I'm on the phone with a client and we are discussing the format of animation for a PowerPoint presentation. I can start a meeting, have my client online, while walking them through the steps on the phone, very quickly. At that point, they can see the changes I am proposing and we can work on the document together. Quick, easy, painless.
That said, I've attended many MS LiveMeeting classes and found it very efficient to have the integrated VOIP, even if it was one sided (the speaker, or a panel, and an assistant doing all of the voice). It still has the drawbacks of users needing access to their speakers, and the sound component doesn't always work - I see lots of chat messages with people who can't figure it out, or find out too late their computer doesn't have speakers.
Remember, it isn't just the hardware that needs updating to use cutting edge applications, it is the knowledge of the people expected to use it.
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