The depressing part is that Google is so far ahead of everyone else that they can fuck up a lot of things and still be the best place to work by light years. (They even pay better than the investment banks now!)
I haven't done a Perf cycle yet, but the only problem I foresee is that nobody really knows what my job title is supposed to do. That hasn't stopped my coworkers from being promoted, though, so I can roll with it :)