I usually see web conferencing as a valuable tool to help gain information about the topics being discussed, as well as the expectations for the course from both the students and the professor. The web conferences provide insight into how to do many of the activities and also gives you a chance to socialize with the other students.
I have not been impressed with the web conferencing for this course. It has been very difficult getting into the conference, and connection issues have caused the conference that I was able to enter to be cut short. In the time that we did have, the professor answered several questions about podcasting and using audacity. She also discussed why it is important to work in collaborative groups for our projects.
I do feel that web conferencing is a valuable tool, and is an excellent resource, but if it is going to be a required element, then the scheduling needs to accomodate those who only have access at certain times, and it should be easier to enter into the conference when they can attend.