Just do IT
One strong argument in favor of the IT doesn't matter viewpoint is the growth of outsourcing. Common sense dictates that you don't outsource something that is a core competency; something that yields a competitive advantage. So, if IT outsourcing is a growing phenomena, then IT really doesn't matter. If IT is just a cost center, of course you want to reduce the costs as much as possible. Why pay $5 for a widget when you can have the same widget for $4?
However, this is a slippery slope. By wholesale outsoutsourcing, you are effectively demonstrating that IT doesn't matter to your organization - it is merely a cost center to be managed. IT is a matter of simply managing the risks and contracts with the outsourcers, not a way to gain competitve advantage. In that case, of course IT will not be a strategic asset just like janitorial excellence is not likely to be a competitve advantage (unless that is your business, of course ;-)
It seems to me that the strategic import of IT is a choice that can be made: are we going to spend a extra money for potential extra reward through IT innovation or are we not? Are we going to make sure that IT has a voice in the governance of the company or are we not? Like most things in life, the answer must be "it depends".