There are many many articles about productivity and meetings. I am not an expert on this at all, but I do strictly follow my own set of rules for meetings derived partly from said articles but mostly from experience. They can be summed up as so:
1) The meeting better have an agenda. If it doesn't, I'm likely to not pay attention. The agenda should lend itself to having items decided upon and completed during said meeting. If there are hairy topics, the should be last. The vast majority of discussion of agenda items should have already taken place elsewhere, either on lists or in tickets.
2) The meeting should actually STICK to the agenda. A meeting is really not a place to bring up random or tangential topics for discussion. At most such things should be noted for further discussion and decision at future meetings, preferably during open floor.
3) The chair of the meeting is responsible for keeping people on topic and completing the meeting in a timely manner. Be polite, but firm.
4) If it is clear that a decision is not going to be reached on an item during the meeting, defer it for further discussion elsewhere.
Meetings should be focused with clear goals. Fedora meetings taking place on IRC necessitates some amount of leeway because of the medium, but that does not mean meetings exist for the sake of meetings or for chat time. IRC is also a terrible place to have in-depth discussions on things, as people feel time pressured and the format of the dialogue can be difficult to follow.
So yes, my FESCo meetings (or any other that I chair) tend to be shorter than most. This is simply because I want the meeting to be productive and I don't want to waste people's time. And if you feel that I am wrong on several points here, that is totally fine with me. Just volunteer to chair the meeting next time ;).