Brad Feld is writing about the ideal board meeting:

• "5 minutes: Administrative items (approve the minutes, approve new options).

• 55 minutes: Department updates. We used the board package as the guide, but each exec spent a few minutes summarizing key points (rather than reading from the package) and then we drilled into Q&A and discussion on each area. It was a spirited discussion that was forward looking (e.g. "what are we doing in the next 30 days about issue X") rather than backward looking (e.g. "good job on doing Y last month.")
• 90 minutes: 2005 Strategic Priorities. We worked from a six page powerpoint presentation (that had crappy production value, but was high content value) and spent 80% of our time on one slide. The entire leadership team participated in the discussion -- it wasn't a "presentation of a conclusion" but a "discussion about what to do given limited resources and divergent opportunities."
• 30 minutes: Executive Session (Board Only). We talked about a handful of personnel related issues, summarized the discussion, and set the tone for Q105."

Being CTO of my ex-company I found board meeting most often an excellent waste of time. Too many people that wanted to praise their ego. Many participants that were not really prepared and a long day without much news. No doubt they are necessary but focus should be talking facts instead of dancing around it for 6 hours and flying home late...