Model Driven Architecture (MDA) is an OMG specified approach to software development intended to ,"...separate[s] the specification of functionality from the specification of the implementation of that functionality on a specific technology platform."

I have had an opportunity over the last two years to become quite familiar with one large scale, leading edge development using MDA.

The short answer is, Brooks is still right. There is no silver bullet to software development.

What I seem to notice is that there is no lack of smart people working on the project and the main distinction between folks is the years of experiance.