Been there, seen that. Nebulous, pie-n-the-sky requirements coupled with PMs that don't understand software development and probably don't even understand the product.

I feel bad for PMs, because there is a role for them - just usually not the role that they've been assigned to. PMs tied down to small teams usually causes problems. PMs should be facilitating inter-team development. I believe tech-leads and BAs should be assigned the role that PMs seem to find themselves in when they're assigned to small teams.

And please PMs, learn what the product is all about. Too many times I've seen PMs actively not wanting to know what the hell the product is about and instead love getting bogged down in process (and of course meetings).