Do you enjoy that method of management?
Would you rather enjoy an alternative more?
I don't. I worked at a mid-sized startup in SF a year ago and they required all that stuff. Luckily I was a contractor so it didn't apply to me. But man what a PITA as a developer to have to justify your job every month.
What methods of management would you rather prefer?
I believe management should provide clear and well defined requirements and then leave you the f--k alone to do your job.