This was an interesting question, which got me thinking to rant out on the state of product managers in the Scrum India meetup in 2011.
The fact is that after couple of years later, I still see that the product management is not ready and not ready to embrace the new world. So here's my wake up call again for them (from my archives) and possibly make atleast some of them embrace the new agile world now. You can hear my rant (pecha kucha style) in the video below. Feel free to drop me a note on your experiences.