In answer to the initial question it totally depends on who! Some people I can work with, others I can't.
Its quite an interesting issue.
Personally, I'm believer that most serious decisions are done with the backing of your team. If your idea and argument is sound enough, then you can sell it to your management team. If you cant, 9 times out of 10 someones spotted something that needs addressing.
But occassionally you may have to railroad something, normally when the gut instict kicks in, and times like that you cant vote by committee, you need a single "buck stops here" decision maker. I cant imagine splitting that authority.