I once interviewed a project manager.. asked how he came up with deadlines. He said "ask the programmers and subtract 20%". Talk about a red flag in an interview!
A recent conversation I had with my MD, regarding how long to estimate for a project, involved me adding 6 months for each feature added to the specification.
We're also careful emphasise how inaccurate these estimates are, and we don't really know until we start.
Of course this is the initial "finger in the air" stage. We try to be a little more concrete with more immediate requirements. Of course, we've gotten those badly wrong too.