Experience in a combined product and engineering org?

Anyone work in an org that has a combined product and engineering team? That's to say that there is no discrete product and engineering leadership, and that they all roll up into the same structure.

I have been working in such an org for a while now and it's my first time ever seeing or working in one, and I am starting to have my doubts about the scheme. Mainly it seems as though there is no clear engineering or technology thought leadership and I worry very deeply that it is harming the long term prospects of the org, and possibly the company.

Any experience in such a combined org would be supremely helpful, particularly if you've been in one that has worked well and been successful.