The problem I'm seeing is that most of that additional output is just increasing pressure on the real bottlenecks such as design, QA, operations, support, etc. Which is why we're seeing this dual phenomenon of programmer productivity increases at the same time as the productivity of the overall business crashes out.

At my last employer we were contending with real customer fatigue and attrition. The application was changing so rapidly that it was overwhelming both our ability to uphold quality standards, and customers' ability to keep up with the feature churn.

Or, to put it more succinctly: nobody actually wants all this slop.