In short, the meeting was generally productive because we had successfully covered most of the topics in our agenda. The meeting notice was sent out at an appropriate timing; this gave the team member adequate amount of time to go through the agenda and make preparations ahead of the meeting, as well as knowing what to expect on the content of the meeting. Prior to our meeting, each team member had to analyze the question and present their views at the meeting. As the leader of my team, I am responsible for leading the team in the discussion and allowing everyone to have equal opportunity in expressing their opinions about the project, especially since this is one of the biggest since the start of university education.
I felt I have done sufficiently in ensuring minimum digression. This was done by showing the agenda in a laptop placed in front of us during the meeting, so my teammates could make easy references to it throughout the discussion itself. As a result, we managed to spend considerable efforts focusing on the project and fulfilling our agenda. However, I thought I could have done better in my part on promoting the flow of ideas during the discussion. This was highlighted by the occasional pauses of silence in some parts of the meeting, where we were all stumped by the difficulty of the questions. Had I analyzed the question more thoroughly, I would be better able to lead the team along to decompose the problem into simpler sub-parts so as to prevent blackout of ideas.
Jason and Gulabi did a good job in helping me to ensure that we should focus on a detailed analysis of the situation and not rushing straight to the solution itself. Many times we thought that we had formulated a perfect solution, but either one among the 3 of us would initiate a rebuttal to make us reconsider our decisions. The two of them also assisted me greatly in time management, so that we do not spend too much time discussing a single problem. These, to me, are signs of good teamwork.
A situation to avoid when conducting meetings:

courtesy of http://www.wetherobots.com/comics/2008-06-16-MeetingTime.jpg