The MMF wasn't quite complete.

I've seen plenty of fancy graphs demonstrating how agile provides faster ROI through early delivery and while this can certainly be true in some cases, it doesn't necessarily hold true for all cases.

Just because a feature is done, doesn't mean you could, or even should deliver it...  The Minimal Marketable Feature set (MMF) is very important for determining when to go live.  When you take the MMF into account, then agile doesn't deliver any value until the MMF is complete and this certainly won't be within the first iteration.

Of course, once the MMF is done, agile will win hands down delivering new functionality, enhancements and bug fixes (what bugs?)...

So what went wrong in the picture?  What was the MMF

1. Wheels/Chassis
2. Engine/Gearbox
3. Steering
4. A Seat

And guess what, they've ticked all the boxes, I'm so excited I'm going to run off now to my local dealership and  snap one up...