I think that's too idealistic. As another sibling poster pointed out, it's more like a democracy... with all the attendant upsides and downsides. (Also, I'm sure there's a lot of interpersonal politics involved, even if it's all over email.)
Don't get me wrong, the Linux kernel works surprisingly well and I rely on it for almost everything (including my livelihood), but if you really look at it, some of the subsystems are shockingly bad.
I think a good example is containers/namespaces which have a ridiculously bad security record. (See "user namespaces".) Again, I'm sure the people working on these things had the best of intentions, are very competent generally, and were hampered by the "never break userspace" rule. However, if containers/namespaces were truly designed, it could have been done a lot better. (See "Zones" on Solaris et al.)