I work on the release management team at a very large internet company. We use essentially the process you've outlined above, and we've chosen that process on purpose. In our methodology, staging serves as a branching mechanism for a final level of testing in production.
Obviously you want to do all testing before you go to production, but in a large, complex environment with lots of users, that's a very difficult goal to reach. In particular, it is virtually impossible to adequately load test software in QA. Functional testing is a lot easier to automate than load testing. When you have many thousands of users hitting your servers, things fail in weird and hard to predict ways.
So here's what we do:
- includes continuous integration and automated testing
- release testing
- my group analyzes the release itself
- reviewing install logs
- testing rollback
That's the point at which we branch between staging and production. We use a train model for releases, with a new train starting every few weeks. Even numbered trains go to the staging servers (which are in production). Odd numbered trains do not.
In between the even trains, the developers have the ability to push individual changes to the staging servers (after those changes have been tested by QA of course). This allows them to validate that their software performs as expected in a real production environment. This is generally reserved for the components which are deemed higher risk, we don't push every little piece to staging.
Then, everyone understands that when the next even train starts, it will wipe out what's on the staging servers and set them back to the train baseline. Developers either ensure that their changes got on the train, or decide they aren't ready for general use yet, in which case those changes just get erased on the staging servers.
To sum up, the short answer (at least for us) is that it is impossible to completely test complex systems in QA. Staging provides a safe way to do limited production testing.
On a related note, here's my slides from a presentation I just gave on how our release process works.