Ask HN: What do you think about Product Managers?

I worked as a Product Manager at a SV-Area startup but opted to leave the Bay (as well as the country) when the recession hit, causing many PM such as myself to get laid off.

I really enjoyed working in that capacity and am looking to join another startup in a similar role. I'd love to know what the HN community thinks about this type of position.

Btw, there's often confusion between Project and Product Managers but I'm specifically talking about the latter. Here's a good HN definition of both though the role is really tailored to each organization and can drastically differ from company to company: http://news.ycombinator.com/item?id=255674

Here are some of my ?'s:

1. What value do you feel that Product Managers provide?

2. At what point in your company's life did you/would you decide to hire one?

3. What other hats do they wear in your organization? (Or, if you're a PM, what other hats do you wear?)

4. What do you look for in one? (Or, if you're a PM, what do you feel are your essential qualities?)