An interesting post from Nick Malik on Feature Driven Development and its advantages (benefits) when compared with traditional waterfall based system.
It seems to me from the author’s analysis that small projects that are more suitable for Agile will benefit the most from Feature Driven Development. However, for large projects (e.g. require a team to work for more than a year), it probably makes more sense to use a combination of T-WBS and FFD. In other words, the big project can be broken into a couple of smaller FDD projects.
Full article: http://blogs.msdn.com/nickmalik/archive/2005/04/10/406965.aspx