The hoopla about the death of IT reaches a fever pitch, with hysterical articles like this. Give me a break. Look at the assembly line - the analogy many people are using for IT. It has been the source of industry revolutionizing strategic innovation as late as the 1990s (Dell). Or you could take something as simple as Wal-Mart's supply chain streamlining as an example of a 'commoditized' link in the value chain becoming a massive source of advantage.
The point is not that IT is becoming 'commoditized' - so what? Every technology falls down a cost curve. The point is that it's how a firm uses technology - any kind of technology, from biotech, to IT - that's the strategic issue.