This was a fantastic book. I especially liked the chapter on Level 5 leadership. For those who have read the book I highly recommend reading Gandhi The Man by Easwaran to get a great description of Level 5 leadership in action (personal humility + driving will). I've used these two books together in leadership classes and found it very fruitful. If you read Gandhi The Man I'd be interested to see if you see the same links as I.
I have not read that book, but I think the main point Jim Collins was trying to make was that in most writings about business leaders, those leaders are portrayed as strong bulls, take no prisioners, my-way-or-the-highway types. Then we tend to think if we want to be sucessful we have to be that way too.
But he is pointing out that those types of leaders tend to be short term sucesses and the leaders with "level 5" qualities tend to have more and longer success.
So if you can be a leader who is able to get people to communicate the truth to you without fear of being eaten alive, then you will have a better chance of success. I've worked with bull leaders and I know the fear of speaking the truth with them, and it always caused problems.
I have not worked with any level 5 leaders yet. :(