Many of their projects end up crashing because these are just two different varieties of cargo cult software engineering, similar in their lack of understanding of what makes software projects work. Cargo cult software engineering is easy to identify. Both have strengths and weaknesses. It's also a sign of cargo cult software engineering. This is a false dichotomy.
Process is good, and so is individual empowerment.
The two can exist side by side. Process-oriented organizations can ask for an extreme commitment on specific projects. Commitment-oriented organizations can use software engineering practices skillfully. The difference between these two approaches really comes down to differences of style and personality. I have worked on several projects of each style, and have liked different things about each style.