Performance Management - dead or alive?

Morning all - I am looking at the performance management process / strategy for my organisation with a view to improving it.  Looking at other organisations / systems out there they all seem to follow the traditional model (with the main change being more frequent / light touch interactions) even though many claim to be revolutionary.

Does anyone have experience of an effective and impactful model that would work well in a professional services type environment?  All ideas / information welcome! 

Many thanks