The teacher drew a very simple chart : y = t. "This is, in a given project lasting from t=0 to t=1, the amount of practical information that you have about how to design this project. At t=1.0, you have 100% of the information. When you start, you have about zero information about it, just guesses.
Then another line : y = 1-t. "And this, is the amount of design freedom you have during the project. At the beginning, everything is possible but at the end, big changes can not be made."
"This is what we call the curse of project management."
It has really be enlightening. Make prototypes, be courageous enough to scrape entire designs, and when you have the resources for it : make a total reset for version 2.0 and redo v 1.0 correctly.
Of course, this is highly subject dependent. You don't build a bridge the way you build an experimental robot, but this explained well the interest of non-waterfall models.