Process vs. Product Quality

I just finished having a short, hallway conversation with some of my colleagues and it's worth sharing. I was on my soapbox about process quality vs. product quality and I recalled one of the other places I have worked at. It was a matrix organization with a CMMI Level 5 rating, however, we only had a marginally better project success rate than the industry average. I recalled this to my colleagues and asserted that even back at a previous employer, we were CMMI Level 5 because we always made the same mistakes, consistently. Even better, no matter which people we swapped into or out of the process, we still made the same mistakes.

It's perfectly feasible to have a high-quality, consistent GIGO process. Where's the value in that?