Every project I've worked on that has included an architect that did not spend a significant portion of their time hands on with the code has had problems because of that absence of hands-on knowledge.
That includes the projects where I was that architect :-)
It's now a personal big red flag.
I agree with all the arguments in favour of architects who code. The arguments against don't hang together well for me.
The code needs to abstract the high-level concepts as well as the low in an application. Unless the design and code are integrated at all levels the solution is going to be less than optimal.
As for "Coding is a detailed oriented, heads-down funtion which is at odds with the risk management, broad view nature of architecture" - in my experience a broad view - and risk management especially - make for better coders not worse :-)
"Architecture is about technical risk management and not implementation" - not it isn't. It's about risk management and implementation (and a bunch of other stuff).
"Architecture is about leadership. It's difficult to lead from behind" - why does coding put you behind? Personally I find that the best place to lead is with the people you're working with.