The best companies do not have an issue "Aligning business and IT." Technology does not spur growth and greatness, it's really about people and business strategy. (Jim Collins does an excellent job describing this in his book "Good to Great.") Technology can absolutely help, but it is not the source of a company's growth or greatness.
The best and brightest companies are those that have the people, vision and understanding to succeed. IT fits within an organization at all levels in all departments. It should be thought of as a facet of each department, not a island unto itself. When each department thinks of IT as it's wingman so to speak, the organization as a whole can forget it. So, it is unimportant if IT holds a place of it's own in the boardroom, what is more important is that it is part of ALL seats in the boardroom.
So CIOs beware, your days are numbered... Well not really. What matters is that the CIO, IT Director or whoever heads IT, understands that we are wingmen, supporters en masse, co-conspirators all, but not necessarily business leaders. CIOs can lead when they understand that the best way to lead is by following. When the business is aware that following is your goal, enabling the business becomes your focus, you will gain the best of allies, the CEO and the holy grail buzzword for IT "Aligning business and IT."