This approach works if you expect your workers to be experts. This of course works for some companies that have the ability to attract workers who are highly skilled as well as they are generalists, and hence can efficiently and skillfully perform a range of activies. The risk is also high in that it is difficult to replace such workers. The majority of the industry works on minimizing this particular risk and hence they create teams where each worker can perform a subset of tasks well. Basically, scattering your eggs in different baskets.

Anyways, this was a nice read. Also good to know that some companies can operate in an unconventional way and also make good profit (because of and not in spite of) their unconvential way of working.