IMHO....
This can be appropriate in certain scenarios. It royally sucks for other scenarios, though. Measure-twice, cut-once is a great development strategy. However, iterative-fast can have as many benefits as slow-and-steady.
Are you certain about your feature set? Must the feature be everything we can imagine when it's released for the very first time? Are there umpteen other things that also need to be addressed in the allotted amount of time? Are you sure you're not over-engineering a solution?
The biggest issue with slow-and-steady: cost and time-to-market. Of course one can argue "but cost is actually lower" and "time-to-market for a solid product will be the same or less", but (for me) that equates to any iteration having zero value along the way. And for us, that's just not true.
I'm default-wired to well-thought systems and architecturally sound operations. I would certainly like to deep-dive into our codebase and bring it to a beautiful state of robustful bliss. The only problem is -- I can't afford it right now. Maybe later, but early in our lifecycle, speed is more valuable.