Don't get me wrong, if it's there I'd like to see it play a role in the game. However, I'd like to see it gone. There are 8 possible alignments for a sentient being? Give me a break.
Alignment makes no sense. In a general way, we can describe each other as good or evil. Sure. That's not the half of it, though.
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Alignment makes perfect sense.
I think the problem is most people see it as 9 colored blocks on a table, rather than what it is... 9 points on a moral compass.
DnD's alignment system is about absolutes.... but the 9 alignments work well when you play them as degrees of Order, Chaos, Neutrality, Good and Evil.
What other moral points are there than those basic 5?
And to be honest, you can remove Neutrality since it's merely a balance between Order/Chaos and Good/Evil... rather than it's own designation.