All righty...as promised here is the report on NetMeeting and RPGs
We tried it out last night. Turns out that we had 4 computers: DM and 3 players, each on their own box (the one couple was using two computers).
We found out the hard way that NetMeeting only supports voice between two people.

I don't know why this is, but there you go. Says so right on MS's website.
So we were forced to type everything. This turned out to be not so bad. Fortunately, the short adventure I threw together included complete room descriptions, so every time they entered a new room, I could simply copy and paste straight from my adventure outline (in a Word document) into the NetMeeting chat window. This at least kept things moving.
I only shared TMapper. I kept all other applications private. The one problem we are running into is that when I bring another app up, if it overlaps TMapper on my desktop, the players can no longer see the map. That is probably annoying. Everytime I need to look at my initiative and round tracking spread sheet or whatever, they can no longer see the map. I probably just need to organize my spread sheets and desktop a bit better to minimize that problem.
We played for almost two hours. The PCs were exploring a recently abandoned keep (the adventure is somewhat of a murder mystery). During that time, they entered the gate house, got through the lowered (but not latched) portcullis. Explored the small court yard. Entered the main hall. Fought off a small pack of skeletons and zombies and turned them. Unfortunately, the fleeing undead stirred up a nest of Giant Bees in the lower chamber of the keep's tower (doh!) and rather than just closing the door, the PCs are currently fighting the bees.
So that isn't too bad progress. If we had voice, I think they would have finished the battle with the bees and had time to search the main hall. So the lack of voice didn't put us back too much.
I had a really good time and even if we don't get voice to work, I now plan on running an on-line campaign using this set up (with maybe some tweaking...maybe DM's Familiar or RoleplayingMaster to help me...but for now, spreadsheets are working just fine).
Our saving grace for voice may come in the form of Roger Wilco. It is unlimited shareware from game spy that supports voice with multiple people. Everyone seemed to agree that the game was good, but would be better with voice. So next time we are going to try that.
I'm also going to keep a small text document shared that shows all the spells currently in effect on the characters and their durations. Everyround, I'll update it.