> Basically you're warning the master/manager that your story is gonna slip if they don't start managing.

This. But it doesn't have to be accusatory like that. It's a way to have opportunity for feedback without having to be pressed for feedback.

The best manager I ever had was great because he totally trusted his people. Standups were a non-intrusive way to keep the overall pulse and make himself available if he was needed...that way he didn't need to vulture around to make sure he could insert himself if needed.

I'll take planned and well used 5 minutes of direct management over compulsive and nervous micromanaging anyday.