There is a certain type of heroic game that works best when everyone in the group is somewhere between neutral and good. Also, certain types of players need alignment to help guide them.
We all know the players who, without any kind of restraint, will use D&D to play out some sort of psychotic, insane, evil, fantasy. If that is the kind of game you want to play, by all means, but I'm just not interested in that kind of game. For one, it is much easier to be "evil" than it is to be "good," so it removes some of the challenges to be overcome. And two, I just don't like the aesthetics of an evil game.
The alignment works out in two main ways at my table. One, it helps the PC conceptualize his character. And two it allows me as a DM to guide the style of play. I never force my PCs to do anything. I NEVER say you can't do that (unless there is some in-game reason) because of your alignment. All I ever do at the table is ask "would your character do that?" "would a character of NG alignment do that kind of thing?" and let the PC work it out himself.
I will add that the alignment RAW of D&D are little bit contradictory but still useful. A better revision but with the RAI in mind would be good idea as far as I'm concerned.
Peace,
Necro