It is a pretty rough atmosphere. I think most people at HQ (myself included) would agree that there are inefficiencies, and given current decision making structures, things can't get done that quickly.
The "constant" get to know yous and coffees are being exaggerated, but these things are intrinsic to current Target culture. I do meet with previous managers and a handful of career mentors on about a quarterly basis (for a 30 minute coffee/catch-up). We are taught to do this, in large part to understand what is happening throughout the rest of the company and to help plan future career moves within HQ. I think most people at HQ would agree that this is not what is driving inefficiency, it is the amount of meetings generally needed to get anything "approved".
Most people I've talked to are excited about the (rumored) changes to our operating structure. That excitement just isn't outweighing the fear of being laid off next week. If rumors are to be believed, Monday - Wednesday will be our "Red (and khaki) Wedding". Wishing luck to all other HQ TMs sweating it out. Enjoy the warm weather this weekend in MPLS. :-)
PS: Thought it was worth adding that much of the fear/anxiety is coming from the perception that layoffs are structured around eliminating full job codes/teams, and not personal performance. This exercise in cleaning house will eliminate some unnecessary teams and streamline operations, but it will also force the company to lose some great talent. There is a sense of even if you are highly regarded or a hard worker, you can be eliminated for being on an underperforming team. Wrong place, wrong time kind of thing.