I'm ok with what they've done. They've gotten rid explicitly defining the most troublesome, misplayed, and misunderstood alignments in the game.
Frankly, it was ridiculous how many boneheaded behaviors I've seen come out of players, just because of some weird notion of what their alignment was.
True Neutral Players felt like they had to balance their good acts with the occasional evil acts, as if it were a sports scoreboard. Frankly, in my opinion, a person who does evil things half the time and good things half the time is either insane, or is plain-out an evil person who occasionally does a good deed. Also, there was the viewpoint of it being about perfect balance. Now the Druid will help bring the Orcs back from the brink of extinction and help kill the humans that now are overpopulating the World. A few years down the road, they can change size and cull down the Orc population. Absurd.
And I don't know how many times I've seen people play their CG characters and I want to tell them, "Look, you're Chaotic Good, not Chaotic Stupid!"
And lawful evil is kind of hard for people to grasp as well, and honestly the concept kind of breaks down at points. Is a terrible tyrant really lawful evil? Some might say yes, some might say no.
Some might argue that 4E dumbs down Alignment, but I disagree. It simplifies it in a way that the average person isn't encouraged to do the dumb things that people often did with the narrow concepts of pre-4E alignments, but yet still allows room for almost all of the missing alignments within the confines of the new alignment system, for those that want to take it up a notch, and understand the nuances.
You can still be Lawful Evil, you'll just be called Evil, mechanically. You can still be Chatic Good, but you'll be called Good.
The only thing that has really been removed is the balance obsessed True Neutral concept, which is replaced by a small mention of a minority of unaligned are unaligned as an actual conscious choice.