Does this bother you? I think they are just trying to eliminate management overhead by using peer evaluation to set the company's direction by consensus. This could maybe be chaotic, but I see it as a trade-off. A traditional structure is chaotic in its own way. Like, who gets promoted to upper management? The most deserving people, or lucky people?
Arbitrary decisions from an executive may or may not be better than popularity contests. I guess it depends on the executives and the culture.
No, it doesn't bother me. Well, no more than the fact that I don't yet have FU money bothers me.
I'm just a bit cynical of all the "you can work on whatever you want (that's good for the company -- that others around you agree is good for the company -- that's meant to capture innovation -- but that can't really capture long-term or unpopular innovation)."
So yeah, the way I work at my current job, and the way that people supposedly work at Valve seems great. That said, what I really want is to not have to work, but to work anyway. Woe is me.
Arbitrary decisions from an executive may or may not be better than popularity contests. I guess it depends on the executives and the culture.