Recording meetings for reference. Is it possible? and is it practical?

I've long been looking for a tool that really can make a record of a meeting that is truly searchable. Where the content it records is usable without having to search painstakingly through to find what you want. I've found a paper by the Knowledge Media Institute (KMI) here at the OU called Memetics that is an attempt towards this.

It doesn't sound like a finished product and is not something that is available for the average person to use. But it does highlight that it's becoming possible and that there are people looking into the problem.