Ask HN: Did IT matter?

In 2003 there was a Harvard Business Review article by Nicholas Carr titled "IT Doesn’t Matter". It argued that companies had greatly overestimated the strategic value of IT, which was providing a diminishing competitive advantage and was becoming just another commodity, like electricity.

At the time it seemed like it was hugely controversial and ruffled a lot of feathers.

Was there any fallout from that article in the industry? To what extent was it correct, and to what extent was it nonsense?