Perhaps this is good for feature development, or maintenance, but, what about contracts that deal with wholly new development of a complex system? It seems like you would want to operate in parallel at least for the initial push through the architecture and boilerplate structure. Perhaps I am being disingenuous.
I do love the idea of being able to not let the numerous tedious meetings interrupt progress.
[edit] Thanks everyone for adjusting my perspective. I am sure junior engineers (and seasoned stubborn ones) would learn a lot with cradle to grave development in such a fashion [/edit]