I manage a team of incredibly talented programmers and I have to work hard to keep up technically in order to make informed decisions when needed. Even with all this effort, I have no illusion I could be as competent a programmer as they are without a lot of work.
edit: I was tempted for a moment to say "I lead" but they need less my leadership than my management. One leads from within and I write very little code these days. I offer some technical advice derived from my experience (mostly the "don't do that, because that will be hard to maintain" kind of advice). What I do, hopefully well, is shield them from external interference so they have a developer-friendly environment where they can better contribute with their skills. It's devilishly hard.