Old style water fall case is gone, but some of it lives on in data modeling (entity/relationship modeling/diagrams) In the java world, there is a bug push toward "round trip engineering" were tools the generate models generate code ( and visaversa)
In development methodologies now there seems to be a divide between RUP/OO methodologies and the so called "agile" methodologies ("Scrum" "Extreme Programmimg") that were considered flaky just a little while back. There are some large Extreme Programming projects going on in investment banks in NYC right now (some with off shore resources.)
The bottom line is to "spiral" rather than waterfall - get something to the user as quickly as possible and iterate the whole life cycle as quickly as you can.
QA formalisms are becoming much more common place.
CMMI works great when you have a known set of problems and a large organization, particularly if that organization's main business in not technology production in and of itself (corp.IT shop etc.) It is also very effective in large integrated systems that combine software and hardware development(the DoD came up with it, after all.) It is less useful in areas where the problem is less defined and rewuirements and design are always in flux, and that is often the case in core technology companies. Team Size , project size and agility are the factors that must be weighed. Parts of CMMI are always useful (everyone should be able to pass a level 2 certification, that is just common sense.
What really matters is a hot, high powered team that works together well and under a lot of pressure, and hands on management with good, honest judgment, experience and both deep and broad knowledge - oh, and very thick skin and an ability to listen to subordinates.
That is the real trick of successful offshoring - getting requirements, Architecture, development and QA all going in parallel in a well oiled team. If you look at someone like Infosys's web site it is like reading the Soware engineering institutes Exec. summaries. The management are all a bunch of Carnegie Mellon CMMI nuts.