The PM’s time is spent on a myriad of activities (as found here):

• Planning and Defining Scope   • Activity Planning and Sequencing   • Resource Planning   • Developing Schedules   • Time Estimating   • Cost Estimating          • Developing a Budget   • Documentation   • Creating Charts and Schedules   • Risk Analysis   • Managing Risks and Issues   • Monitoring and Reporting Progress   • Team Leadership   • Strategic Influencing   • Business Partnering   • Working with Vendors   • Scalability, Interoperability and Portability Analysis   • Controlling Quality   • Benefits Realisation

Notice the centralization of responsibility and the single focus on this one individual for the planning (mentioned several times) and documentation as referenced by ‘estimating’, ‘developing’ and ‘analysis’.  The PM is the one person with their neck in a noose as far as the project goes, a very visible and real alliteration of what happens if the project doesn’t go well. But also notice that of all of these actions, none of them create any real business value.  They are all based on making sure everyone knows what they are doing and where the project is going.

The real business value is created by doing actual work.

Planning and defining scope happen in real time and is distributed between the entire team. Distributed work is still getting done, however with Agile it’s getting done as needed and it’s not a separate phase of a project.  Same goes for almost all of the other activities; they are all done as and when needed and not as a stand alone effort.  As well, the work is distributed to the entire team or it is deferred indefinitely.