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"With competitive organizations expecting their CIOs to serve as strategists as well as enablers, CIOs will assume leadership roles in product innovation and the opening of new markets. They will be perceived less often as managers of technology and more often as agents of change and business transformation."
From a(PDF) by Korn/Ferry International, "In the Age of Agility, Chief Information Officicers are Agents of Change and Business Transformation."
A quote from Jeff Neville, CIO of Eastern Mountain Sports: "I really wear three hats. I'm the CIO of our traditional brick and mortar business. I also have P&L responsibilities for our alternative channels, which include our web site, our call center and a business-to-business operation. And I'm also responsible for driving business transformation."
Not the most earthshaking analysis of the CIO function, but interesting because it's coming from the folks who place CIOs in jobs.