Tim Ottinger has a very good observation on his site about the importance of reducing waste and the difficulty of achieving it through Agile in organizations that are just starting. 'Nuff said.
Agile software development is all about eliminating collateral effort. No unnecessary documents, no unnecessary meetings, no unnecessary code, no unnecessary anythings. The mantra is "maximize the amount of work not done." You eliminate as much as you can (and no more).