Yep, a friend who is senior in a medium sized MNC, with operations all over the globe, has said that what has surprised them isn't the cost savings, but how more effective conference calls are than face to face. They can have all the right people on the calls, rather than just the senior people and/or flying out that marketing expert for just a one hour meeting. Business travel will still happen, but likely to just be the diplomatic "press the flesh - attaboy" tours rather than for substantive meetings.