I like alignment.
For those that don't: Do you object to alignment for outsiders and other exemplary types, or just for mortals?
I have a suspicion that much of the alignment hatred is actually a response to changes in culture since the days of AD&D. We have a *lot* more anti-heroes in our entertainment. There are a lot more shows, movies, etc, where it's less "good vs. evil" and more simply "us vs them." As often as not, the "good guys" are only good because they are on the side that is killing the really bad guys.
Now, I'm not saying I can't enjoy shows and movies like that. I actually do enjoy some of them. But you see, that's a different level/class of entertainment. D&D has traditionally been about good vs. evil, and should stay that way.
I do think better alignment descriptions would be nice though. 3e actually did a pretty good job of describing the different alignments, but you had to read a couple of different places to really "get it." They should make sure the alignment descriptions are quite clear. For instance, it is stated 3e alignment system that the boundary between good and neutral is that a good person will risk their life for someone they have no personal connection to, while a neutral character needs a reason. The context also strongly implies that the boundary between neutral and evil is that an evil character would commit murder if he thought it was expedient, while a neutral character wouldn't...but that implication isn't clearly stated.
In other words, make sure it's idiot-proof. Tall order, but they've had 30 years to work it out, so I think we should be able to come up with descriptions that are broad enough and clear enough that you can see where different characters should fall. And I have absolutely no problem with alignment overlaps, where a character can be interpreted a few different ways based on what's going on inside their personality.