Eventually, the role of a PM shifts from feature design to feature management during the product lifecycle. In the former, the PM writes and advocates specs for his feature, coordinating resource allocation and messaging. Everything is very fluid and the ability to think on your feet and keep a tab on other teams' work (to coordinate and leverage) is essential.
Then, when development starts, the PM become part of the bug triage team (PM, dev, test) that decides when and how to resolve issues that crop up during development. At this point he's also responsible for introducing and vetting DCRs (design change requests). The situation now is much more structured with the PM involved mostly in making sure that dev and test can do their work without interference and distractions.
After development is completed, the PM keeps triaging incoming bugs but starts to take care of other aspects like localization, release management, support, policy compliance, etc etc etc.
In the end, it's the PM that presses the "Publish" button on the CMS that makes the bits available to the public

We PMs don't like to talk about dunk tanks or other fun activities...