I've been involved in and helped to develop a number of processes, from waterfall to agile to wa-gile (seriously), as well as design methodologies such as DDCDI, DCDI, DDD (3D) - and other similar acronyms.
While at Studio Archetype/Sapient we developed and refined what I consider the most comprehensive and complete approach to digital projects. It consisted of the activities: Discover - Define - Concept - Design - Implement.
However, since the boom years of '99-'00, digital budgets and timelines have tightened greatly. In today's environment, web projects must be results driven, delivery focussed and providing measurable outcomes. Abbreviating the activities of the past doesn't work. Old methodologies are broken.
This has led me to a simple, yet effective approach: Design-Build-Iterate (for tactical projects) and Design-Create-Innovate (for strategic projects).
My emphasis is on making something real and tangible as quickly as possible, and then refining it rapidly with feedback from the target audience groups.