Why do we require project managers? For delivering the project on time and within the current budget. But the project manager doesn't do anything on the project--it's the team or team leads who work hard to deliver the project.
The project manager is the white elephant that sits on top of the team and does nothing. But, if a project fails, no one in the organization complains (except the project manager) about the team. Instead, everybody runs after the project manager since he or she was responsible for the delivery (without doing anything).
But, is there a structure in which someone else capable among the team would be responsible for the delivery? The reason I ask is because in Asia many of the small-to-medium-size IT companies are more inclined to technology rather than project management. Their success or failure depends on the technology competence and project management has little to do with it. So should the technology manager be responsible for the success or failure of the project? It seems to make more sense, to me at least, that the project manager should just help him out on process implementation, preparing the plan, providing resources, etc.