My impression from your comment is that there's still a chain of command, but different terminologies and durations. My prediction from this arrangement would

My impression from your comment is that there's still a chain of command, but different terminologies and durations. My prediction from this arrangement would be that - in time - you see the same people becoming 'decsion-makers' or 'lead-links' over and over again. In fact, one incentive might be to ensure that your own 'circle' continues to expand. The main benefit I see is that incompetent links/managers wont last long, but it doesn't hinder the machiavellians (it's just another system to game). Of course, this is the first time I've come across the concept of Holocracy so maybe something else mitigates the above.