If a team leader doesn't have a few days to decide on the strategy for the team for the next quarter, I have no idea what more important thing she is doing.
John Doerr wrote the great book about OKRs to explain how important they were in setting the strategy for Intel when it went out of the memory business and focused just on processors: achieving that in 1 quarter is only possible with very clear communication.
If it's not rare enough (quaterly or yearly) or not short enough (few items), it doesn't work, it's just a wish list. I have seen them working and not working (when the whole team knew that doing all the strech goals were impossible).