1) The document discusses lessons learned from the author's experience working with multiple product management teams over 15 years.
2) Some things that worked well included truly understanding the product, customers, market, prioritizing feedback, and seeing the bigger picture.
3) Some pitfalls to avoid are not understanding the underlying technology, usability, performance issues, and getting swayed by hype without due research. Staying disciplined with agile processes and change management is important.