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. Some developers enjoy working methodically on an 8 to 5 schedule, which is more common in process-oriented companies. Other developers enjoy the focus and excitement that comes with making a 24x7 commitment to a project.
Some projects conducted in each style succeed, and some fail.
That allows a process advocate to point to the process success and commitment failures and claim that process is the key to success. It allows the commitment advocate to do the same thing. The issue that has fallen by the wayside while we've been debating process vs. commitment is so blatant that, like the Edgar Allen Poe's puloined letter, it may simply have been so obvious that we have overlooked it. The real difference is not which style is chosen, but what education, training, and understanding is brought to bear on the project. Rather than debating process vs. commitment, we should be looking for ways to raise the average level of developer and manager competence.