Today there's a free, open source alternative.
It's called Dimdim. It was featured this morning at Demo07 and, according to the corporate blog, the name standards for Distributed Immersive Meetings.
Most of the features you would expect from NetMeeting are here. It's led by Indian executives formerly with Computer Associates, including D.D. Ganguly, formerly the company's vice president of product development.
So next time you call me to a meeting with whiteboards, IM and whatnot, you don't need to go all proprietary on me. OK?