Jerri Ellsworth doesn't sound like a fan of Valve's structure based on her time there.

http://www.wired.com/2013/07/wireduk-valve-jeri-ellsworth/

A lot of the time employee handbooks preach one thing, but reality is often quite different. Another good example of this is "Netflix's Culture" slides. They are often lauded as cutting edge ways of thinking about company culture, but are actually a load of bull that no one at Netflix really adheres to, and the benefits touted do not even apply to all employees.

I do believe her section of Valve was probably shut down based on the success of Oculus, at the time this article was posted on HN this did not seem obvious to most people. I'm sure it was a difficult decision for everyone involved.

The article mentions day-to-day operational concerns, and her project being cancelled doesn't detract from those critiques.

Yeah, not necessarily a proponent of this power structure (or lack thereof) having not experienced it myself, but I did find the idea fascinating.