From both the developer and manager side of things, I've found that the most important attribute of estimates is frequently the least paid attention to: that they be kept up to date.
When you discover more work hidden under that "simple" pile of code, you absolutely HAVE to update your estimate. Add more points, add more tickets, whatever. But then your various managers have the ammunition to decide what to do next - allocate more resources to the project, descope the project, push back the release date, etc.
Far too frequently, the estimate is set in stone at the start of the project and used as a deadline that is blown past, with everyone going into crisis mode at that point. The earlier the estimate is updated, the calmer and more comprehensive action everyone responsible can take.
replies(5):