@normzone I'd happily come work with you and attend those meetings

Apparently you're not the ONLY one who would find it funny.
This was a perfect day for me to read this thread as we just conducted our management review meeting this morning. I think one important thing is getting the timing right. Too frequent leads to not enough to report and the feeling of beating issues to death. Too infrequent leads to talking about old issues no one remembers or cares about anymore and waaaaay too long a meeting.
Another important thing is making it really everyone's meeting. I put together the slide decks and carry over all the action items from the last MRM and add my specific info and then ask the other department heads to fill in both their required info and any new topics they want to add. Then in the meeting I'm really just the facilitator and we each speak to our own topics. This way everyone is an equally active participant and they all get their opportunities both to showcase the accomplishments they're proud of and to raise issues that are affecting their work and bring them to top management's attention.
This is the only job I've had where I had anything to do with MR so maybe I'm just lucky. Maybe there's something to this. It works well here and that's all I can really speak to. Meetings are engaging and productive.