Raith5
Adventurer
I think alignment is useful and has a place in the game but the rules need a much better writing of how and why to use it - and how and why NOT to use it.
Personally I dont like using alignment, but like the consensus here I think it should and will be an option in 5th ed.
But it needs to be clear what alignment is (or could be). I have seen too many arguments over alignment as a guide (straitjacket?) for roleplaying to think it is good for that. In fact I think one can go so far to say that the traditional D and D alignment system is fairly cartoonish - in that it can create some simplistic moral judgements about how PC must act.
I think the best system for alignment stemmed from one of the later 3rd ed book a system of allegiances which was more nuanced and political.