See yesterday's (7/2/06) NYTimes Magazine
The New York Times Magazine, Sunday, July 2, 2006, has a one-page article on alright vs all right, focusing on use of "alright" in song lyrics.
Read the article. There is too much detail to repeat here.
However, among the important points is that "alright" is becoming a word in its own right:
--to mean superb, outstanding, excellent
--to serve as an intensifier ("he was angry, alright")
--to serve as an attention-getter ("Alright, hands on top of your heads!"), roughly equivalent to "Hey!"
"Alright" has been explicitly distinguished in some lyrics from "all right," the latter having a meaning closer to "ok."
In any event, it would seem odd and arbitrary for someone to stop reading a manuscript on encountering "alright" without examining and considering the context (or, for that matter, considering it a routine copyediting question).
--Ken