It's actually an old story by now but I just recently heard of it from my new staff manager and it is a very interesting story of just how bad a CRM implementation can get. It concerns Siebel and my analysis of the story is that the reson for the crash was mostly due to bad management and a lock on both timeframe and functionallity, something I believe is impossible if you want to achieve any kind of quality. This case being the perfect example.
Please read it and leave a comment here if you want to discuss it!
Microsoft Dynamics CRM Architect