Agile is a fantastic approach to trap customers into money squeezing cycles and to be successful with really bad teams.

All kinds of cycles are bad, when you have a good team and a parallel discovery is possible. Especially, if prototypes can be really cheap. With paper, pens, markers and a pair of office managers or interns as guinea pigs I can in one day save several months of expensive agile development. I prefer when errors in design, user interactions, software architecture or algorithms land into a paper basket instead of a code base and budget reports.