Whether this would work depends on the kind of system and the deadlines imposed by external needs of the company.
Does your system have a lot of (intentional or unintentional) emergent behavior, like a sandbox-heavy video game? You could end up never making a feature again.
Do your customers expect the frequent shipping of new features? Unless you can sell them on the idea of unexpected or infrequent addition of features, you could quickly lose your core audience.
However, if it is a product that no one is expecting tight deadlines on the release of new features, or the product's purpose is straightforward enough that there is no intentional emergent behavior in the system, then I could see someone running it in this way. I don't mean this in a cheeky way: there are definitely products that fit this criteria. It just won't be something that every product can reasonably do while also expecting to retain their user base.
Does your system have a lot of (intentional or unintentional) emergent behavior, like a sandbox-heavy video game? You could end up never making a feature again.
Do your customers expect the frequent shipping of new features? Unless you can sell them on the idea of unexpected or infrequent addition of features, you could quickly lose your core audience.
However, if it is a product that no one is expecting tight deadlines on the release of new features, or the product's purpose is straightforward enough that there is no intentional emergent behavior in the system, then I could see someone running it in this way. I don't mean this in a cheeky way: there are definitely products that fit this criteria. It just won't be something that every product can reasonably do while also expecting to retain their user base.