This style can come across negative as managers use this style to control the team with fear, using process and policies to run the team having no grey areas or having any flexibility around rule and regulations. The benefits of this style would be that there is a clear outline of what management require from the staff in terms of goals, tasks and experience but I would not recommend using this style over long period of time as staff could begin to dislike the job and management and maybe worse the staff could start to rebel.
This style of management is very common, as it involves managers listening to staff and allowing them to have an input in to the changes made for the company. One of the great advantages of this is your staff having personal input, creating bonds with managers and other members of the team and this will give them a sense of pride for the workplace which means having members of a team staying for longer and ultimately the work place being a happier place. The only disadvantage I can see would be lack of structure and respect for the manager and higher as the atmosphere will be laid back and friendly. This could have a knock on effect if management need to discipline members of staff.
The manager in this style is more of a mentor to his staff, guiding them to do their own tasks, and allowing the staff members to use their initiative to achieve the goal. There are many disadvantages and advantages to this, the biggest disadvantage is the manager being seen as lazy, not doing any work but walking around giving guidance which could affect the staff by losing faith in management, and the team secluding the manager which they would then lose authority.