Feedback should be interactive, immediate and useful.
People should know where they stand at any given moment, as well as a formal review at given intervals. This is important. Effective feedback, like sharing, is a two-way street and is a valuable means of communication and exchanging ideas, information, views and observations.
Feedback can be misunderstood and misused in some circumstances, but if the general principles of integrity, curiousity and honesty are understood and applied, feedback can be a powerful tool for improvement.
An organisation that promotes trust, integrity and intent invariably find that people will begin to behave in a way that supports these ideals.
Some people feel vulnerable providing feedback for fear it will be either seen as a weakness or used by certain people in a "sub-culture" to generate a negative action against the person offering the feedback.
Often, feedback is not requested. This is almost as bad as mis-using feedback.
One of the most common things I hear about feedback is that it often goes into a "black hole". Nothing ever happens and there is often no mechanism to provide a response to the person providing the feedback with an answer as to what has happened. Even if it is nothing.
Feedback, if use as part of daily conversations can lead to a healthy, resilient and robust dialogue that can deliver productivity gains.