And as others in this thread have said, 2 people would often view what alignment meant completely differently and on top of that many people view it as a straight jacket (despite clear and abundant rules to the contrary.) So is it your characters outlook, or is it a word or two that everyone will interpret differently and has no meaning? It certainly has no effect on game play.
And if you decide you're going to murder a village does it mean you're not allowed to because it says LG on your sheet? No, it doesn't, unlike every other thing on your character sheet. It is the one thing on the character sheet that doesn't mean what it says. If you want to lift a two ton block and it says you have 10 strength on your character sheet, guess what, you're not lifting that block. LG and kill a village, go for it, two tons with 10 STR, no.