I believe in the collaboration of the team being critical to building great products. And, I believe in getting input and creativity from all parts and players. BUT, in a startup, I do believe that the CEO has to feel direct responsibility for the user experience, and that cannot be delegated. It can be influenced, but not delegated.
And, I believe that it is very, very hard for a startup to succeed when someone beyond the CEO is directing the product. That means the CEO is managing someone else's creation.
I look to Google's return to product management running the company as critical to that company's success. And I think Zuck and Jobs are also testaments to this theory.