[Retric]

The goal is 45 seconds a developer not 5 minutes. Round up to 10 minutes a day * 5 days a week = one 50 minute developer meeting a week which is fairly common.

PS: You do lose a little time gathering, and people generally spend some time organizing there thoughts etc. But, keeping track of a short synopsis is useful, as is knowing what other people are working on, and most importantly when someone get's stuck working on the same things for a few days. It also adds a lot of pressure to get at least one thing done every day, which many people slack on.