[Clubber]

>Contrast that with a waterfall approach where an entire product is designed up front, requirements documented and then built. The product likely ends up with features that are not important and rarely used.

In software development, waterfall projects were often iterative, though in longer cycles. I'm sure there were some that weren't but each version is essentially a waterfall iteration. For example, way back when, we would do 2 major releases and 2 patch releases every year, so our iterations were 3 months. Keep in mind this was software that we cut onto CD's and shipped out.

The benefit of waterfall is that biz is required to think about the project as a whole instead of a wishlist. Sometimes with agile, you end up with a Homermobile because the biz isn't forced to think of everything at once. Both have plusses and minuses.