A recent article in Entrepreneur focuses on Advisory Boards.

We have used an advisory board for several years and feel it is a true asset. We have been fortunate to attract a diverse mix of academics, entrepreneurs and seasoned business folks within our group of 6 and each is a valuable contributor. A key driver for success is the mutual respect of all members - the respect to listen to each other and to contribute to the team. Ownership welcomes/encourages honest debate which energizes the room. Meetings are quarterly with agenda, financials and other relevant information provided and reviewed in advance so that the meeting can be immediately productive and everyone's time is respected.

It probably goes without saying but the value of an advisory board is wholly dependent on the quality of the advice and challenges members are willing to provide and the willingness of ownership/management to objectively consider them.