There's good and bad sides to this style of management. The good side is that if you have good, self-motivated and self-reliant employees, you'll be unstoppable. Things, both good and bad, will just get done infinitely faster than a hierarchical system, which leaves a lot of room to experiment and innovate.
The downside is that all of your employees need to be motivated, passionate and self-reliant, all 3 of which are relatively rare qualities in the work force. I know myself well enough to know I wouldn't be able to function at full capacity in such an environment, simply because I'm a lazy sack of shit and I'm only motivated to work on a project when it poses an interesting intellectual challenge. If I were to end up working there, I'd end up almost certainly never working on any of my own projects, because if I'm left to my own devices nothing ever gets done.