[snapetom]

I really don't know how to answer that. I've seemed to experience the peak worst of both.

In waterfall, I was a young programmer in a big, disciplined, corporate environment and spent about 2/3 of my time doing documentation and meetings rather than writing code. I nearly switched careers because that wasn't what I signed up for.

In chaosland, I came in as a PM well after the company's heydey trying to sort out the mess. I wasn't there for the trips on yachts with everyone drunk. I spent my years there asking, "wtf were you guys thinking" and the answer was always, "seemed like a good idea at the time."