> How does this interact with individual or career growth? I don't want to work for the manager who insists I stay on the first few projects I worked on at the company forever...

To me this is the a huge incentive for building strong teams. Nobody should be indispensable; it's a disservice both to the company and the person. Pair programming, collective code ownership, intentional cross-training, good automated tests, continuous deployment, and good automated monitoring have all been very helpful to me there. And vacations! Everybody should take long vacations where they are out of contact. By managerial force if necessary.