A fellow manager and I were commiserating on how hard it is to lead when he said this: "Employees just want you to leave them alone except for when they don't."
There's a lot of truth there, because that in a nutshell is the only two things team-members really want from their leader.
They want you there when it's time to set expectations, define the task, provide the resources, and affirm finished work. They also want you there anytime they feel unsure about what they're doing.
They want you to leave them alone when they understand what has to be done and are doing it, or when they have an opportunity to talk about their work with higher ups or customers.
The lesson here for leaders: Let each team member define your involvement. Some are less secure and will appreciate hourly check-ins. Some are confident, and just want you there to say "Wow, good job." at the end of the day.
Critical point: When they have a chance to shine, get out of the way and let them do it. Almost every team member wants his or her five minutes of fame when the CEO walks through.