My best manager did this
ask.metafilter.com
ask.metafilter.com
I also had a manager who was really hands off and just let me do my thing. He was my favorite at the time. However, years later, I had a manager who was much more actively engaged. We discussed a lot of problems and solutions on a weekly basis. In those conversations I would also get a very clear sense of the team's and company's priorities. He must have doubled my value as a developer; at least. That wasn't just good for the company, but also felt great.
So while micro-management is clearly bad, I now know that there is something better than a hands-off manager.
Aka, the golden rule of the Product Owner/Manager.