PM Hut has a post about "lazy management." The idea that the PM reads the morning paper, chats at the coffee machine and generally "hangs around" watching people work is likely VERY domain and context sensitive.
I would be dumb struck to see the project manager for the recent I-25 rebuild by Kiewet Construction. Or the project manager for Building 777 at Rocky Flats, or the project manager for a $170M ERP integration at a health insurance company. Or the best example of the Program Manager for the major manned space flight program.
On those programs, the PM is not "running around with her hair on fire," but it is unlikely there is a spare minute in the day. As well the alternative is not to micromanage the work of others. Instead all project participates "execute the plan," in a manner appropriate for the scope and critically of the project. The more critical the project, flying to the moon, the more likely everyone is running at 110%.
If the project is a casual endeavor, then "lazy management," may be the norm. The notion of "managing" the project at the people level by the direct contact is also unlikely in critical projects. The work management is done through "work packages," with defined deliverables, measures of performance, and risk adjusted costs and schedule.
So where is "lazy project management" appropriate? Good question?