A few months ago I interviewed for a company that I desperately wanted to work for - but I didn't get the job.
It was a great place. I know several of their employees, I like and trust them, and they all raved about it.
But in retrospect one thing really bothered me: their project managers were all very very very busy.
I've never met a manager who appeared busy, that was also productive. Never. But, I've met several calm and relaxed managers that get tons of good work done. They were a joy to work with/for.
At the interview I only spoke to one PM. He was 10 minutes late and all over the place during the interview - he said that he didn't like to read CVs before the interview, but I really wish he had, I think it was an excuse. On another occasion, I spoke to a different PMs on the phone and he seemed to be having a conversation with someone else at the same time. Busy Busy Busy.
On the plus side I did meet with one of the senior managers and she was not only on time (an hour early, in fact) but she was calm, relaxed and the gave the impression of being totally on top of things. Didn't seem busy at all.
Take a look at the excellent Harvard Business Review article, Beware the Busy Manager (free pdf), by Bruch and Ghoshal:
Our findings on managerial behaviour should frighten you: Fully 90% of managers squander their time in all sorts of ineffective activities. In other words, a mere 10% of managers spend their time in a committed, purposeful, and reflective manner. This article will help you identify which managers in your organisation are making a real difference and which just look or sound busy. Moreover, it will show you how to improve the effectiveness of all your managers - and maybe even your own.
[Of course, this could just be me rationalising the fact that they didn't want me for the job :]