A few months ago, I started a projet with a few friends, whereby we commit to each writing and recording one original song per week, then meet on thursday to listen to everyone's creations and critique. As far as I am concerned, this experience persuaded me that taking more time does certainly not equate producing higher quality material ; up until now, I had taken months and sometimes years (!!) to finish and sometimes never end up recording songs, always unhappy with the final result, and with no deadline, unable to simply let go of my ego and release.
The goal with la Chanson Du Jeudi (www.lachansondujeudi.com) was to adopt a more "Bob Dylan" approach, ie : do one-take recordings if that's all we had time for (none of us are professional musicians in any capacity), and respect the act of creation above that of perfecting. In most cases, we'd end up writing, composing and recording the night before or day of, which led us to go down creative paths that would otherwise maybe have been discarded.
Interestingly, I was talking with a friend last night who is applying pretty the same concept to picture-taking : a group of friends decide on a topic, and submit pictures every week to a Flickr channel and vote on them. Much like the need to produce songs on a regular basis forced me to start recording any little idea that came to me to be sure I had something to close the week, she now consciously takes her camera everywhere she goes for this project's purpose.
Music composition is definitely subject to creeping featuritis. Uwe Schmidt (Atom Heart) combats this by having an idea for a track/song and executing it, never going back, and never spending tons of time wibbling with details. If you know what you want to make, it's really more a matter of implementation. If you don't, well, then you start down the path of Axl Rose and every other band that takes 8 years to make an album.