Software development is more like - couple hundred percent over spec in time and cost, code base is a mess, almost nobody uses it and finally, after a couple of years, management changes and the new mgmt calls a spade a spade and terminates the project.

At least that's often the case in huge organizations trying to do crazily ambitious projects (esp. given their general incompetence). I tend to consult on such shitstorms because it pays well. The scars are for life though...