I wrote an entry about failures a while back.
Incidentally, the most recent TEDxYYC by David Damberger talks about failures. But at a grander scale. I am exceptionally touched by the candidness of the speaker and his openness in talking about his own failures and sincerity in admitting it.
There IS a general aversion in talking about failures. But when that failure becomes more than just you, the 'self' becomes insignificant. There is much more at stake. Admission to failure and possibly documenting it is then not your first step in realizing and coming to terms with that mistake, but it's the community's first step to do that. Only then, can improvement be made as a collective.
Failures suck. Big time. Individually, you can try to make sure you don't repeat it. But how do you make sure other people don't?