> The project owner writes specs and gathers feedback until we feel like we have the right approach. Only then do we start writing code.

Uhm, it is hard to say what is the "right approach". I personally prefer a more iterative approach. You draft an architecture to solve the issue at hand and you iterate based on new requirements.

I generally don't like when a group of "owners/architects" close themselves in the basement to come up with a bunch of specs and documents describing : THE SOLUTION