Fire all the managers?

I listen to the HBR Ideacast regularly. Recently Gary Hamel was interviewed about his HBR article 'First, Let's Fire all the Managers'.

As you may know Hamel has devoted a large part of his life to thinking about better ways to organize and manage companies. What kind of management (if any) does this time period need. Of course, Hamel goes into why he wrote an article about this topic. But to me the most interesting part was that Hamel provides examples of companies that don't have management. When I was listening I caught myself thinking: Yeah, less management would be great, but can we really live without them? Hamel shows it can be done. He points to one company called Morningstar for instance.

Very interesting and thought-provoking! What do you think? Can your company or could you live without management?