This is basically how the entire company I work for operates. The biggest problem is wishful thinking when scheduling brand new features, as in "you have a week to write a robust one-dimensional edge-detection and comparison algorithm, but the hardware the data is sampled from won't be ready for another four weeks."

We're currently in the Death March phase, because our wishful thinking has caused so much stuff to slip that our milestones are slipping.

I'm currently working on my resume.