This week's book giveaway is in the OO, Patterns, UML and Refactoring forum. We're giving away four copies of Refactoring for Software Design Smells: Managing Technical Debt and have Girish Suryanarayana, Ganesh Samarthyam & Tushar Sharma on-line! See this thread for details.
In some contexts, where you do need a lead architect/technical lead to lead a group of people, Feature Driven Development is a great idea. I like the way it focuses the team on doing one feature, soup to nuts.
However, I've recently been working with teams on smaller projects/products, where FDD is overkill. Any sort of iterative/incremental lifecycle will work, as long as people review their work and refactor as they go.
Thinking about the details of the process is always a good idea, even if you say, "Yes, we'll do it that way, again." It's the thinking that counts.