In catching up with the RSS feeds, I ran across this article on Web Worker Daily about being undermanaged. It made me think back to my most recent performance review and reviews in the past. Basically, though I have a few bosses and they point me in a general direction, they pretty much let me do my thing. I check in with him when I need help with something, which isn't that often. I work across the organization to accomplish my goals and do my best to help others accomplish theirs. And, as a result, my performance reviews has almost uniformly been excellent.
Part of the reason I am undermanaged is that I am physically away from the office. The management I can be offered is limited to phone and IM most of the time. However, I have also consistently proven myself not to require a ton of management. So maybe I'm being undermanaged in the average sense, but for me personally, I am being managed just right. I suspect others require different levels of management. A good manager will manage different people differently.