No, don't even think about taking someone's phone. If they're looking at their Facebook account or personal Twitter account during a meeting, then you have a bigger problem, and the solution most likely would involve possibly trying to recruit and hire the right kind of people; ideally, those who are capable of acting like adults.
However, one thing I've noticed is that we tend to think we're more important than anything else that could possibly be going on in the organization, and that's not always the case. For instance, maybe one of the members in this meeting is part of your IT department, and she was checking her phone to make sure the alert she got didn't involve one of the production servers going down, or maybe the alert was to tell the construction manager that the shipment of concrete arrived and needs to be dealt with.
In short, you should ideally have people on your team who you trust, so that when they do pick up their phone, you can be reasonably certain that they're indeed looking at something work related, and not pictures of kittens.
One strategy you might use is to mention in the meeting invite that meeting attendees should make sure their responsibilities are covered by another colleague, so that they may focus on the important issues you wish to discuss. This will make it clear you would like to be able to focus, while also giving people the opportunity to set things up so that they can focus.
The benefit of this approach is that your team member whose wife is about to have a baby can check in with her before the meeting and let her know to contact only in an emergency. In short, people can also take care of any personal issues in preparation for the meeting.