That's my understanding of what a standup is supposed to be, and it's what my experience of them has been. THIS is useful. It's in particular useful if you have devs on the team who tend to get kinda "wound around the axle" on problems rather than speak up or seek help.
There will always be devs who think any meeting is by definition a waste of time, and you can't make those people happy, but a true brief standup meeting as described here is SUPER useful.
(Daily's probably too much though.)