What is the alternative, though? This is an honest question, I really want to know: How would the "this is horrible, how can you deign to work that way?" crowd coordinate thousands of people on a project to create something that is bigger than what 5–20 people can create?
Because most of the answers I see here gloss over that part, or strongly imply that engineers will always decide better than business people what should be released. And I can sympathize, especially if you are in an MBA-led org, but I am also certain that if you think you know perfectly what the enterprise or customer needs, and anyone opposing you is a Pointy-Haired Boss, that you are most probably the idiot in that case: 90% of the time a single dev will NOT have better business intelligence than everyone else.