In the former, you are immediately aware of what they're doing and why, because they're telling you! You can ask questions if their reasoning doesn't sound convincing, intervene early if there's disagreement as to what should be done, and decide whose project takes priority. Steve Jobs was a very active CEO in this regard. Bullshitters will not survive long in such an organization.

The latter, on the other hand, is often taken to imply that you should not intervene unless absolutely necessary -- which often means, until it's too late.

This is the main aspect I think, that everyone keeps missing. The “professional fakers” work first and foremost for themselves. They make great decisions, for them. But not necessarily for the company.