I have multiple bosses. I'm generally okay by this, IF they talk to one another and can communicate what they want clearly. I am in middle management, a place I much prefer NOT to be in.
I turned in a massive report yesterday, was told it was very complete and thorough and needed only layout revision by one boss. I did those revisions and turned in "final" bound copy to both bosses on this project, as 2nd boss had only provided very minimal commentary on first draft. I get called into a meeting this morning, upshot being "I never actually looked at your work and gave you the wrong indication of priorities. I also actually gave it more than a cursory glance this time and found all these edits I want. But hurry and do 2 weeks worth of work by Wednesday." I start editing as requested and he comes waltzing in an hour later, after I'm finished with a critical part of the report and says [edited for blogosphere] "Oh, you were kinda right. Redo it again to mesh the two. Oh, and put this crap we don't have onto the report front page." Don't piss on my head and tell me it's raining. Don't tell me it's oh, so wonderful if you never really looked at it.
One thing I have noticed is that I have another waffling micromanager on my hands. Two jobs ago, I had one; it was the major reason I left. These people go back and forth, back and forth on which version of something critical they want. I don't mind being asked to show the different versions of whatever it is they're trying to figure out. It's something that needs to be done a lot of times. What I do mind is being told multiple times to switch it back and forth. It's a waste of time, effort, their money, and the client's money. It worsens when the bosses can't agree on something, so I get caught in the middle on which one ACTUALLY needs to happen. Communication is a flopping point in this company, mostly because no one really talks to each other at the management level and management makes the false assumption that everyone can drop everything else they've been assigned to work on for the job they want.