A methodology does a few things. For one, it enables my less experienced people to get the job done in an effective way, and I can know exactly where they are when. Second, it provides me with the capability to estimate easily what the job will cost. A methodology becomes a pull mechanism, a book for the consultants on the project. But it is not sold that way.
Methodologies can also devolve into sales pitches.
Their observations are usually valid. I'm often brought in to coach large projects where this happens, and I'll stop it. CIOs should be shutting it down, too. I really worry about the poor IS execs or businesspeople who do not know how to manage these outsiders. They don't know how to lay out expectations and specifications, and they don't know how to negotiate the deal.