basically, it would automatically assign meeting times, based on who's meeting, for how long, except that it would be scheduling several meetings, and take those into account.

I.e. throughout the week various employees in an office would simple set meetings for "friday"

The system would compile all the meetings that take place, and schedule them, to the best of their ability, so that no two meetings would conflict. On thursday night, the times are finalized and the meetings are placed on attendees calendars.

You'd need some sort of conflict resolution, but if you ran it each time for each meeting request came in, you could alert the involved parties immediately.