I think what's missing here is that I can predict how long something is going to take when I talk with the managers/feature-planners about what the feature is. If I feel I have a solid understanding of the requirements, which pieces of code it'll touch, etc - then I can give a reasonable estimate.
Now, the bigger the project the more difficult this becomes. Details I've missed is always a possibility, and that just stacks up the bigger the project is.
So I think being specific in this type of discussion is really important. A feature that's going to take 6 months to implement is insanely tough to estimate, and very likely to have a wrong estimate. A feature that takes a week can pretty reliably be accurate within a day or two, in my experience.
I'm not defending management in these sorts of things.. I think it's our job to not only give estimates, but include understanding about the expected validity of that estimate.
All estimates are worth while though, your post makes it sound like they're not. You tell me you need a feature that's going to take 12+ months? It's so hard to predict that it's laughably wrong.. but that's still insanely useful. Why? Because now the management knows it's highly unlikely to be a 1 week, 1 month, w/e feature. It's big.