I'm not sure if this is ironic but to me it seems you are just describing how agile is supposed to work. In my team our features are fibonacci pointed but I've

I'm not sure if this is ironic but to me it seems you are just describing how agile is supposed to work. In my team our features are fibonacci pointed but I've seen only two 5s in the history of the project. By far the vast majority are 1 and 2 with the occasional 3. This correlates with your S, M, L thoughts. The Product Manager can then prioritise based on these (i.e. these three single point stories deliver more value than that three pointer) and points are internally calibrated over time. I have to say though, that my team doesn't really have "deadline" releases and the PM releases any time we deliver something of value to our users, so it helps relieve some of the burdens about estimating i.e. When I point, I don't really care if the points don't end up reflecting time.