Project managers: what's your job like?

I'm curious about your experiences with project management. I know many of us are working on start-ups, and blog posts crop up from time to time the explain precisely the problems that people have faced along the way. However, I'm interested in considering the issues from an operations standpoint, with emphasis placed on agile v. sequential development. I'm also very interested in hearing about how anyone has successfully (or unsuccessfully) managed distributed development teams: for those of you who have outsourced labor, your input would be especially useful. I've developed a pretty lengthy survey that brings this into better focus, which you may find at http://spreadsheets.google.com/spreadsheet/viewform?formkey=dHdpVEJIRTUzNmlreVgyTEszekk5UlE6MQ

I don't expect you to answer any of the questions, but I do hope that it could spark some pretty interesting discussion. Of course, you're welcome (and invited!) to complete the survey if you have the time.