I think the daily stand-up is one of the most important parts that makes a team work well together and avoid surprises. But just because you have these daily meetings it does not guarantee that they're useful. A few anti-patterns I've seen in meetings are when people say things like "I'm working on some stuff" or "I'm still working on item 42". Statements like that are not really useful. Another anti-pattern is when problems or blocking issues don't boil up to the surface even though they exist just because people have over confidence in them selfs (or are afraid of admitting they have a problem).
There are a number of things you can do (one example). I think the most important thing is that the team find the meeting useful. And I hope the things I find useful are things most people find useful so these are my suggestions on how to keep the daily meeting valuable.
Those are the important things. If you stand up or not is a matter of taste (but standing up tends to be faster). Starting on time however is important. But I don't really believe in fines. Hopefully the shame/peer pressure of being late is enough to get people into the meeting on time.