As for the wait time at the airport: if you're buying premium tickets the airline doesn't care how late you arrive as long as you don't delay the flight. IIRC, at least for domestic travel TSA requires that all checked luggage be presented at least 30 minutes prior to departure, so that's the only hard time limit. Maybe it's earlier for international travel, but for a single day itinerary you presumably wouldn't have any checked luggage.
It would be faster to get through the CDG customs lines if you had a Schengen citizenship, since they could get into the the Schengen lines, but that's not really particularly useful advice.
There are two real reasons this no longer works; first the international travelling class has turned out to be far greedier and care less about their lives than anyone imagined, secondly Skype.
As far as travel versus communications goes, from what I can see improving communications technology places a higher premium on travel than before, not less. Easier for senior executives to stay in touch with HQ on the go, but that ability means that relationship building is now more important.
But traveling? In 1985, you could somewhat stay in touch by telephone (but generally not cell phone) though it was easier if you had a dedicated assistant and international long distance was rather variable. And sending documents probably involved faxes. While meetings/flights/time zones mean I may not always be reachable when traveling on business today, it's a lot easier than it was 30 years ago.
So let's imagine you live in New York and have a meeting in Paris- and let's say, for the purpose of argument, that it's actually a transporter, instantaneous travel from airport to airport. You leave your house at 6AM, get to the airport at 7AM. Its an international flight, so you need to get to the airport early, so your flight leaves at 8AM. You instantaneously arrive in Paris, but that's six hours time zone different: 2PM in Paris. Two hours to navigate through customs and the airport and it's 4PM, an hour to do ground transport to your meeting and it's already 5PM.
So even with exactly zero travel time between JFK->CDG your meeting can't be conducted at normal business times. So if your meeting still requires traveling out the day before and dealing with jet lag and all the rest, there just isn't that much benefit to justify the costs.
It might make sense for a business jet, so long as the costs are really not much more than a GV, or if it's primarily about prestige anyway.