I've been the chief software architect of my current company for the past 8 years (since day 1 of the company). This has been my first gig as an architect, and I've kind of learned on the job what an architect is.
At my company, we hire very strong, very senior developers. Nobody here wants an architect that tells them what to do or what to write. My job is to know the product inside and out, and to be involved in the design of all major features. Sometimes I bring ideas to the design meetings. Sometimes my ideas are no good, and they get shot down by the other developers. Frequently, the other developers drive the design, and my job is to make sure their designs will work well. For example, maybe their designs won't perform well, or maybe they will be incompatible with another part of the product, or maybe there is a cheaper-to-implement alternative.
But, frankly, all developers at our company play this same role of bringing ideas to the table and finding flaws in approaches under consideration. The main difference between me and the other developers is that I know the full product better since I've been here from the beginning. In this sense, the Architect title isn't really important. It's all just about experience.
Another key role I have is dealing with customers. When a major customer runs into a technical hurdle with the product, I usually end up on the phone with the customer. This is where the Architect title is really important because the customer gets a sense that we really care about them and are really trying to address their problem when they get to talk directly with the Architect. In this role, communication and people skills are key to being a good Architect. Having a deep understanding of the product is also key here too.
I also do write some code (though not as much as I'd like), and I occasionally get to work on some cool research projects.