What is performance management like at various EA orgs?

Is anybody willing to chat with me (or to write out some comments) about the performance management system at your organization/company? I want to hear why your annual reviews are a terrible waste of time, or what aspects of your coaching/planning with your manager are great, or how you redesigned a template that is now way better.

The context here is that I'm reading a textbook on performance management,^[1] and  I'm thinking about the various systems that I've interacted with through the years at various employers. I tend to often think about organizational behavior, team culture, and similar topics related to the systems that we design and function within, but recently I've been focused a bit more on performance management.

1. ^{^}

   The textbook is Performance Management, by Herman Aguinis, but you can read this academic paper if you want the four-page summary: Why we hate performance management—And why we should love it.