Last weeks' Economist reported:
Robert DeRubeis of the University of Pennsylvania and his colleagues beg to differ, however. They have conducted the largest clinical trial ever designed to compare talk therapy with chemical antidepressants. The result, just published in Archives of General Psychiatry, is that talking works as well as pills do. Indeed, it works better, if you take into account the lower relapse rate.
Presuming that this can be duplicated elsewhere, this should make US health insurers more willing to cover therapy, since the relapse rate found in this study was significantly lower than that for a purely chemical treatment.