I was a rank and file developer on a similar shit show years ago. The main difference was that it was a greenfield project at a startup. The people calling the shots were dead set on using the latest fads -- at the time it was the Rational Unified Process, with all the attendant documentation, and EJBs. I knew that Entity Beans were a monumentally stupid idea when I first read the O'Reilly book about them. And I said so, to anyone who would listen, to no avail. I think the team reached 40 developers at its peak, of which maybe half were totally incompetent. (By my standards.) The schedule slipped rapidly, we were put on mandatory 6 day work weeks, I bailed out, easily finding another job, and eventually the whole project cratered.

I'm not going to argue with your experience, tracker1, but all of my experience tells me that the ability of the developers is the best predictor of the outcome of a software development project. And our profession, unfortunately, is awash with incompetent people. For example, people who have worked for over 5 years as a Java developer, who are unable to write a Hello World program in Java from scratch in a plain text editor, and compile it and run it from the command line.