Just focusing not only on doing your job, but how you do it, the little details, and then having constant feedback and trying to improve constantly, it's an incredibly valuable concept.
http://www.post-gazette.com/business/businessnews/2012/05/13...
We've done something like this at my workplace by moving to scrum (with regular retrospectives) and, more importantly, by adopting stricter coding standards together with regular code reviews (weekly as a group and by using pull requests with continuous integration.)
I would have liked to see us extend this to something even more like O'Neill's approach with a greater focus on eliminating production bugs (especially with respect to our deployment practices where unexpected snags abound). But I haven't been able to get management support for that. (Our more critical business function is to keep existing infrastructure humming rather than develop new products so I feel it would make more sense for us than for, say, a startup, but I guess no one like admitting to themselves that their main reason-for-being is to maintain the status quo.)
Nevertheless, all together, the changes have made a world of difference.