This post is important and I think that your feelings echo those of many thousands of graduate students. Let me talk a little bit as a rare case: I've worked now under 7 advisors on 7 different projects and now I'm finally almost done. Most of the projects have been as you describe: "after almost a year, it is fair to say that I have good view of the project and it is almost surely a giant failure." That's how most p…
That is brilliant! It reminds me of two things.
One is Craig Larman's work on the history of the waterfall process. Larman posed the question: given how broken the waterfall process is, how was it possible for any project to succeed? (The failures of course are easy to explain.) So he went back and interviewed people who were on famous waterfall projects that succeeded. And they told him: "Of course we knew it would never work to do all the design up front. So we built the system and then went back and wrote the spec, handed it in and got it signed off, and later submitted the actual code."
The other thing it reminds me of is Andrew Wiles writing a stack of papers in advance so he would have ten years to work on Fermat's Last Theorem while still publishing regularly.