I'm a partner is a small consulting business. We are fairly tech savvy, we invest in good quality tech such as telepresence (cool videconferencing), we all have high speed internet at home etc and we do a lot of business using web-ex. We're very experienced using teleconferencing. As the costs for travel are born by the partners you can be sure we're keen to manage the costs. Plus the team all have found the romance of business travel a thing of the distance past so are self-motivated not to.
With all of that in mind we still travel a lot - train and plane. There are things you just cannot do well if you not face to face. Building relationships, sales activities, a lot of consulting, dispute resolution. And there is nothing like spending time with team members or clients to really really understand what is going on, what is needed etc. This is a view help very nearly universally by colleagues and clients. As we take advantage of being more geographically diverse, we take opportunities to take work further away too - which increases the need for some travel as described above.
We also take the opportunity not to live in London - which has the effect of increasing our long distance travel.
I know I not a representative case but I do also chat to other travels on a late train over a relaxing G&T and I'm not getting any sense that business travel is dying any time soon