We don't do any kind of regular 1-on-1 meetings; I think we did a few years and years ago when it was first cargo culted, but it's just not terribly useful. I work for a small company, and I've been here seven years - my boss/owner and I know each other well, and some kind of scheduled interaction like that is not really necessary. If we want to talk about non-work stuff or work stuff, there's more than enough time shooting the shit in the breakroom waiting for the Keurig to produce an adequate amount of coffee, or when we get pizza once a week in the conference room, or just at the tail end of a end-of-day meeting.
My fiance has worked at a few bigger places that subscribe to this kind of "best-practices" management style, and it's just something that seems so stilted and generally dreaded. She's very happy when her job takes her on the road visiting customers and she gets to avoid them.
A lot of people aren’t comfortable bringing up bigger picture issues - especially those around performance, career, or concerns about the company or team - casually. Having a dedicated time to talk about things like this on a regular basis helps prevent them from falling through the cracks. They’re also an important time for relationship building, especially with the introverts and heads-down types who are less likely to spend time chatting around the water cooler.
My fiance has worked at a few bigger places that subscribe to this kind of "best-practices" management style, and it's just something that seems so stilted and generally dreaded. She's very happy when her job takes her on the road visiting customers and she gets to avoid them.