I find stand-ups pretty fun, too, but that's all -- and it's definitely not an experience that everyone finds enjoyable. We all like to talk about what we're doing. Some of us, myself included, gladly jump at every chance to do it, including stand-ups. Others, though, see the whole standup thing in terms that are closer to herding people into a meeting room and prodding them until they start talking.
As for timing: if you have a 10- or 15-people team, allowing for even just two minutes per person -- which is barely enough to cover a non-trivial problem -- easily gets you to 20-30 minutes. It gets shorter if all updates are in the form of "no news is good news", but then the meeting could have just as easily been an email. It also gets shorter if the problems really are so trivial that fifteen people can describe all of them, and their solutions, in a couple of sentences, so that no one talks for more than 30 seconds -- but then are these problems really so big that you need to hold a meeting that everyone attends, every single day?
I don't think the concept itself is bad -- just that the arguments for efficiency aren't convincing when it comes to large teams. I doubt that you can really disseminate useful information in this format, and even if you could, there are way more efficient ways to do that.
Edit: If these meetings are held just to make sure all updates are given regularly, often, and in the open, with all the consequences this has (good ones, like everyone being on the same page, and bad ones, like opportunistic managers taking the chance to use this as a way to pressure their team), that's great, but let's be frank and admit it.
