I've run many teams like this and have generally received good feedback from my teams. It's pretty simple in my experience. Don't punish people for making generally sound decisions that end in failure. Reward them for decisions that end in success. The issue is that managers need to eat some of the risk of those failures although it is offset by the benefit of the team's successes. Few managers are actually able to do this versus trying to dump all the risk somewhere else (usually onto their teams). But if you can maintain a management layer like that then it's amazing.