A review of Microsoft's Visual Studio 2005 lists the features its reviewer deems important for collaborative development, and notes that "The single biggest missing link in IT development today, platform aside, is the lack of proper architectural thinking in application development."
Needless to say, I agree. :-) However, one must be clear on what "architectural thinking" means. For me, it encompasses three things: design that is intentional, the presence of a process that grows a system's architecture through the delivery of executable artifacts, and a focus on design and architectural patterns. Architecture for architecture's sake is generally always the sign of a dysfunctional project, but architecture as a mechanism for governing the development process and for managing the evolution of a system once deployed is a good thing.