There is very little true product ownership; many times projects and even features can be dictated by upper management. It is also common for upper management to change strategy 180 degrees and cause swirl and undermine the creative process. Burnout is common and sometimes the best employees, who are still in high demand even in the downturn, are the first to get frustrated and head for the exists. The irony is that more would get done in the end if the executive team would stop trying to push, push, push and simply give more decision making and accountability to those who execute and define the products. There has been talk of this changing for years, however it has not yet happened yet.
There is also a percentage of persons at the company that simply play the political game or even go so far as to move up the ladder by blazing a trail of destruction behind them. This pattern tends to be common with early to mid-career top-20 MBA school grads in the mid to senior management area that have been hired by those of the same profile. Some of the employees that actually add true value to the organization are the ones who are the least appreciated.
There is also a continuous mode of crisis and the need to get things done NOW (due to the lack of focus and constant change in direction). This is setting the stage for turnover and burnout, and also keeps individuals from having the time for things such as industry research, professional development, and even trying to identify and solve problems creatively. This is one of the biggest shames because there is percentage of very talented and smart people that would add value to the company (and ultimately save customers money in line with the organizations mission) if they were just allowed some breathing room.