and everybody is up to speed with what happened yesterday, and what is planned to happen today.
I suppose it would depend on how quickly things happen and the size of the team. If you organize tasks and milestones with the kind of granularity that would produce significant changes from day to day as opposed to week to week, then daily meetings are justified. In my experience that's not productive, but I also work in a fairly small company where questions can be addressed by walking over to someone and having a chat or updates are along the lines of leaning over and saying "hey, what are you working on right now?". ;)