Drupal Chat: Is the Drupal project a meritocracy?

On more than one occasion I've heard a person (such as Angie Byron) say that Drupal is a meritocracy. I've also heard Drupal described as a "do-it-ocracy." What do these things mean? Are they true?

Join me live this Monday at 1PM (GMT -0600) to share your questions and thoughts. As always, it's totally free to attend. You can participate by signing in with your twitter account or you can watch anonymously without signing in at all.