From The Economist:
When psychological and emotional disturbances can be traced to faulty brain chemistry and corrected with a pill, the idea that sitting and talking can treat a problem such as clinical depression might seem outdated.
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.
More here.