So even if you're 100% cynical about it and thinking the all-hands are just internal PR, it was still a positive change, because you got to see upper management, see them talk about where the company was going and why, and they had to "defend" their direction.
Of course, the flipside to this is that if it seems like upper management doesn't have their shit together, meetings like these make that obvious, which can torpedo morale.
It was 45 minutes of scripted presentations, followed by Q&A (and later, raffles :))
The Q&A part was great. Super-awesome to know the executives will at least try to answer any random question that got enough upvotes during the week. Of course we would sometimes get the canned "we will look into that" answers, which Marissa would tell the exec to come prepared with the real numbers next time.
The PR is there and sometimes the raffles, but the Q&A is non-existent and whenever bad things happen the meeting is skipped for a few weeks. Everyone notices the weeks that get skipped and it sends a huge signal.
These were rarely directly useful, but the practice reinforced a sense of curiosity and mutual respect.
Satya started them at Microsoft (monthly though, IIRC), and I personally loved them and derived a lot of value from them about what was going on company wide and perhaps learning new places I might be able to contribute. It also just made me trust leadership more and more motivated to work there. Was only an ~hour a month and I'm sure led to many unpredicted positive effects.
Also, by letting employees know that their work ties into the bigger picture, you help encourage a bit more innovation at the lower level / on the ground, so to speak.
I've been at companies that did it well, very poorly, not at all, and everywhere in between... So yeah, sometimes really useful, other times the meeting itself can feel like make-work.
Rarely. Most could be summarized in email.