Yesterday I was watching a great screencast made by Akita On Rails about agile software development and the future of software organizations and at some point he mentioned a speech named "Leading by Omission" that Ricardo Semler, CEO of Semco, gave some time ago at MIT about nonexistence of hierarchical chain of command at Semco and how it works for them. With that kind of management system Ricardo was able to drag Semco out the down path twenty five years ago and turned his company into one of the most successful companies in their field.
During the screencast, Akita also mentioned that, at Semco, the employees are responsible for defining their own salaries and they can choose who their boss is. This different way of working attracted my attention and made me search for Ricardo's speech.
I found it at MIT World website which also holds many other videos about almost all subjects you can think of, from science to religion. I only watched Ricardo's speech, but definitely other videos are on my queue now :)
The video is almost fifty minutes long and worth's every second of it. You can find it here