Does any team REALLY know how it all works? (IBD)

For everyone who is working / has previously worked in IBD...

How do you guys feel about the huge number of analysts and the large variety of industry/coverage teams that are now standard for the industry? For example, say you have an Industrials M&A deal that simultaneously requires equity raising and HY-bonds / Bank loans to finance the transaction....

Deals such as these would involve the industrials coverage team, the M&A execution team, the ECM team, and the leveraged finance team. You have an analyst, an associate, and a VP from each team kind of checking in, "jockeying" for position and recognition. Throw in a few advisors/book-runners from other banks and all of a sudden you're looking at a working group list with a few dozen people from the finance side alone.

Question: Does ANYONE (analysts, associates) really have a GOOD GRASP on what the heck is going on for deals like this? It seems to me a lot of times, you just get everyone emailing everyone else, models, presentations, updated financials, comps, bouncing around, everyone going through the motions, but really no single team/person has a complete grasp over the thing. Honestly, I'm really surprised deals get through in one piece most of the time...

Anyway, based on your experiences, has this been the case? After 2 years at an IBD stint, can you honestly say that you know how deals and their execution work inside out?