I don't think it does. And nor do Google, Facebook, Foursquare, Dispatch, and others. The idea goes by many names; Snippets, Show and Tell, etc, but the theory is broadly the same in all cases...
"Instead of reporting in at a meeting, every member of the team sends an email to everyone else with an update on their work. It's got the usual stand-up stuff: yesterday's work, today's work, and any blockers. We tend to send them as we begin to dive into the day. This means that Mike can send his update at 7am when he starts work and Nick can send his at 10:30 a.m. when he dives in. No one's flow gets broken and we can work whenever we feel most productive. Should something come up that has to be taken care of synchronously, we're on instant messenger all day. We can talk frictionlessly about what's going on. On top of this, if I ever have a question about what someone has been working on I can always glance back at their updates. No need to take notes in a stand-up or bother someone with questions, it's all right there."
I'm a CSM, and I can't see any reason why this method of checking in each morning shouldn't work for a distributed team, an asynchronous team (perhaps split by timezones), or even an everyday co-located team. But I'm keen to hear other points of view. So please, if you have an opinion, comment below or tweet me.
Picture: Clocks