I think this is probably the most common "style" in most large enterprises. The people footing the bill still demand macro level waterfall estimates, but when it comes time to execute the project, it's split into smaller phases (perhaps 4-6mo) which are in turn split into 2-4wk sprints.
In my personal experience as an enterprise apps director, this is significantly better than pure waterfall but still causes all sorts of stress on the IT side. I think the single highest impact change for the better would be to take a product-centric rather than a project-centric perspective. At least in my company, business "owners" don't pay for KTLO work, only projects, so there's no incentive for anyone to ensure high quality products.
In my personal experience as an enterprise apps director, this is significantly better than pure waterfall but still causes all sorts of stress on the IT side. I think the single highest impact change for the better would be to take a product-centric rather than a project-centric perspective. At least in my company, business "owners" don't pay for KTLO work, only projects, so there's no incentive for anyone to ensure high quality products.