I've experienced that on the other side; I ended up procrastinating a lot because any effort I did would already be done by someone else, and faster or with more insight, or the work I did would be done over by someone else in half the time. It also didn't help that the work and technology weren't giving me much satisfaction.

I'm the sole developer on a new project now, it's giving me a lot more satisfaction. I do run into procrastination and analysis paralysis though.