Every company is set up to cater to the whims of one overlord. Then there is a group who can change the overlord. Most effective companies are dictatorships with a fairly reasonable dictator.

I don't think I necessarily agree. While having one person who has complete control and effectively focuses a business to the correct decisions and technical goals is super effective, part of that effectiveness is getting the rest of the business on the same mindset as you and giving employees room to add their technical nous to the work.

The criticism leveled (which I do not actually any insight to the truth of) is that essentially people have to follow his "whims" and are micromanaged, which does not bring out the best of employees and can be very stifling.

But that said, I don't know the truth of that criticism.

Two words: Larry. Ellison.