It's 2011, not 1970...Upfront requirements gathering is dead
Winston Royce wrote a white paper in 1970 on how to develop large systems, in which he coined the term waterfall. Yet even in his 1970, paper, he was clear that it's impossible to get the requirements right first time and that only traversing the waterfall once is stupid.
Moving on 30 years, we had the start of Agile software development take off around the year 2000. Agile methodologies (of which there are many), all recommend limited upfront analysis (and design). Instead they prefer Continuous Analysis, Design, Testing, Coding, through out the project life time.
Today, eleven years later, Agile has proven itself. More and more companies/teams spread across every industrial section use agile techniques and methodologies.
It's time to stop banging the drum of upfront analysis.