Abstract: The article suggests one more consideration of advantages and drawbacks of two fundamental approaches to software development, and possible combination of elements from both of them in the making software development process in the new large software project under conditions of international distributed development. The article briefly lists strengths and weaknesses of every approach depending on other conditions and environment, and functional area. As an example the way of formation of software development process in the project that is being developed in four geographical locations by Americans and Russian software engineers; how the transition from Agile-like style to combined approach started and evolved, what were reasons for that, which advantages were got and which problems are still need to be solved. Also in the article raises the question about necessity to look for new software development methodologies, which is caused by growing trend of reusing “off-the-shelf” software components to create new systems. Projects with high percentage of reuse require most of efforts during design and integration phase to provide overall stability of a system, as opposite to the traditional approach of creating systems “from scratch” when most of efforts are spent for coding.