When it comes to considering something like "banishing bosses" I'd suggest it be considered by
looking through a lens of personal accountability. Doing so has assisted me immensely in understanding who I am working with and what they need.

For example, an employee who lives at a low level of personal accountability, is full of excuses, finger-pointing and blame when expectations are not met. Nothing is ever their fault, they tell the story of what happened and who did what. This employee needs to be managed. If the manager avoids holding them accountable because "it's just easier to take care of it" they are a poor manager and begin to attract more and more employees who need to managed. That manager may even get a lot out of rescuing, fixing and saving poor performers completely oblivious to the fact that this sets up punishing the best performers who get tired of it and eventually leave. Good managers hold these excuse-filled individuals accountable, clarify expectations and move them along to a point that they need less managing and more coaching. If the employee won't move to that point, managers manage them out of the organization.

Coaching, in my opinion is for employees who demonstrate personal accountability, don't excuse or blame very often, usually take ownership for their role in what is not working and suggest or seek solutions. Coaching meets their need.

Mentoring is for employees who demonstrate total personal accountability, always take ownership for their role in what is not working individually and collectively. These individuals understand that if one of us fails, we all fail. They do not treat personal accountability as a zero sum game. (http://lindagalindo.wordpress.com/2012/07/10/personal-accountability-is-not-a-zero-sum-game/) They also understand that being "mentored" by someone who does not see themselves as totally personally accountable for results good or bad is going to be a poor match as a mentor for them.

Banish bosses? Whether that answer is yes or no, I think that no matter what we must grow our skill to mentor, coach and manage, recognize the level of personal accountability we are dealing with, and then match the skill to the need.