I wouldn't be so harsh. If you are young, and if you breathe, drink and eat your product, this could be awesome. None of that lasts forever, of course, but if it happens - what a time to be alive! Not a place for everyone, indeed, and not conventional.
If, on the other hand, you are only interested in the product, and/or you have other stuff to take care of, that would be Hell on Earth for you.
do you get a lot of actual work done? I found communication slows things done a lot. waiting on answer from other people seems to be a pretty big bottle neck. I like to have a couple project going at once to be more productive.
I get very little of "real" work during regular hours, most of it goes in meetings, code reviews and of course communication. I code during the off hours essentially two jobs i guess, one I love(coding) makes the other(management) bearable .