If you thought that the world of online collaboration and Web conferencing was going to be quite different from our physical reality, you may have to start questioning again that assumption as new real-time collaboration technologies are increasingly based on very strong physical world analogies such as "rooms", "podiums", talking and seeing who is there with you, showing visuals, slides and media, passing documents and notes among participants.
A truly fascinating new example of the future to come is heralded by the online demo of a new technology called AliceStreet Conference Center.
With it, PC users can enter an interactive 3D virtual meeting room in which they see each other as well. This is much like one those navigable Quicktime VR panoramas which are so appealing to watch. To see the PowerPoint presentation being showcased in the Conference Center you turn to the right and look at the wall screen, while to discuss with people you turn to them and initiate talking.
Here some more detailed info:
The AliceStreet Conference Center is a PC application which allows you to hold a meeting with other people in a familiar "conference room" environment which is completely simulated in virtual 3D space. You and the other participants appear as little talking heads around a business meeting table (and possibly in the future, around many other different types of scenarios).

AliceStreet is still in beta development but it should become available commercially very soon.
Some interesting facts:
AliceStreet is open-standards compliant and it utilizes H.323 and T.120 to carry out audio and videoconferencing with other participants.
A meeting with AliceStreet can hold up to 16 simultaneous participants.
The participants can display slides on the projector, share applications or look at each other and engage in live discussions.

The screen can be clicked and popped-up in a separate browser window for best viewing during a presentation. It is also possible to zoom in and out of the view with the up and down arrow keys.
The product is composed of a server software to be possibly installed on a performing dedicated PC (dedicated Windows PC with an Intel 2.6GHz processor or better recommended) and of a client application to be run on any medium-range PC (P III - 800 Mhz min) with most any version of Windows from 98 up.
The overall bandwidth consumption for audio and video is said to be within 250 Kbps, (150 downstream, 100 upstream required) which would make it accessible for most everyone on a decent ADSL line.
You can access or download a very effective demo of AliceStreet capabilities here: http://www.alicestreet.com/downloads/demo.asp (Go check it out, must see! - 5 MB size)

A 30-day evaluation free trial is also available for download right here
System Requirements:
Microsoft Windows® 98, ME, 2000, XP or Server 2003.
Microsoft DirectX version 8.1 or later.
A graphics card with basic 3d acceleration .
A full duplex sound card.