There's an expression I use in meetings when people are engaging in wishful thinking instead of solving the problems at hand. When they've come to a convenient break in their flights of unproductive fancy, I jump in with:

'...and while we're in Lollipop Land, I'd like a pink-maned pony to ride across the candyfloss clouds.'

In other words, I run a tight meeting. Get me leading a table and you'll see decisions made and minutes acted on with a clear sense of purpose, everything tight as a drum. It's not hard. Here's how I do it.

1. Set a start time. And keep to it. It's far too easy to lose 30 minutes or more waiting for stragglers to arrive. If the meeting starts at 10am, start it at 10, and anyone not there loses the right to be involved. They've missed the Chocolate-Frosted Choo-Choo that brings them to the meeting room, and they'll have to stay over in Lollipop Land.
2. Communicate the meeting's purpose. All meetings should have ONE purpose and ONE major outcome. Meetings are to decide things, not discuss them. If people start wandering off track, ask them how that conversation is contributing to the meeting's purpose - or give them the line above. You may as well mention Sugarcane Mountain while you're at it.
3. Tell people what their role is in the meeting. In other words, make sure everyone knows their area of responsibility. And don't let them step outside it - because perversely, the best performers at work are often the worst at meetings: experts tend to think their expertise reaches beyond their area of knowledge, and will grab any opportunity to demonstrate this. Don't let them. Every Yummy-Scrumptious Pebble on Lollipop Land's beaches is different, but not one has more than one flavour.
4. Tell people it's okay not to come, and that if they don't, decisions will be made without them. You don't want anyone there who doesn't need to be. It's perfectly possible to do this diplomatically - 'If you feel this would not be a good use of your time, please tell me and I'll cc you the minutes'. And while they're in Lollipop Land, they can get you a cookie.
5. Practice lock-out for latecomers. People must understand that the meeting fulfills a business purpose and that if they miss it they're preventing that purpose from being met.
6. Have a chairman. All meetings need a leader. And that's not just a note-taker (ideally someone else takes the scribe role) - the leader introduces topics, summarises decisions taken, gets agreement, and moves down the agenda at a set rate.
7. Specify a finishing time. More important than you think. Few meetings need longer than an hour; most can be done in 30mins, and plenty can happen by phone or IM without travel involved. There's no need to take the Choo-Choo all around Sugarcane Mountain when you only want to go as far as Gingerbread Station.
8. Issue the minutes. A single page with a title, participant list, date and time, a paragraph, and bullet points of what was done. The most important is the one-paragraph (even better, one-line) summary of what the meeting achieved, which should always include context of what needs to happen as a result of that decision.
9. Keep your eyes on the clock. If the first agenda item of 6 takes half an hour, you're in line for a three-hour meeting - which is too long. Agree a set time at the start - say, ten minutes per agenda item. If the strawberry-shortcake clock in Lollipop town centre strikes 12, you might be stuck in Lollipop Land forever!
10. Close the meeting properly. When the end time approaches, the chairman should summarise the decisions and firmly close the meeting. If you let the conversation wander aimlessly or peter out, you're on the fast track to Sugarcane Mountain. If you've dealt with everything early, then close the meeting early! 'Fill all the time' is never a meeting objective.

Lastly, the best advice of all: don't go to meetings! At least 75% of meetings are unnecessary. Cancel three meetings a week, and you're putting a whole morning's worth of time back in your day. And over time, the quality of the meetings you do go to will rise - because people will assume if 'the guy who doesn't go to meetings' is there, it must be important.