In my engineering group, we don't have project managers or analysts. We have product managers (who are responsible for much more than a project manager, and make more than the average PM, methinks). The lead engineer on each project does some PM-y tasks, but it's generally up to the product manager to produce the documentation/charts/spreadsheets.
In our operations group, there are PMs, but they are responsible for more than managing programmers on projects--they oversee the whole project, and must manage the resources from several sub-groups. Additionally, they are the first point of contact for the client. They are well-compensated, but they are also responsible for the whole of a client project.
I just transitioned from an engineering role to a product management role. Product management means different things in different companies, but generally a product manager will interact directly with every other part of the company and "own" the product plan ---- what needs to get built and when. Engineering owns the how.
That said, I think project managers can really help things flow. If you've got a process you are sticking to, a project manager can help make sure things get done when they need to. This is especially important when lots of things are happening simultaneously (lots of clients and client requests, lots of business development effort, lots of growth, technical challenges).
In our operations group, there are PMs, but they are responsible for more than managing programmers on projects--they oversee the whole project, and must manage the resources from several sub-groups. Additionally, they are the first point of contact for the client. They are well-compensated, but they are also responsible for the whole of a client project.