Aligning two non-coincident equi-resolution raster grids in ArcGIS Desktop?

After further research, I discovered that the malfunctioning Snap Raster setting was actually caused by a bug in ArcGIS 10. The solution seems to be to turn off Background Geoprocessing (Geoprocessing\Geoprocessing Options... then uncheck Enable in the Background Processing section), and perform the clipping operation, with Snap Raster specified, in ArcCatalog.

There is a discussion on the ArcGIS forums here:

Apparently the bug is fixed in ArcGIS SP 4. I've installed the service pack but haven't tested yet.

Interestingly (or rather, annoyingly), if I perform the clip to my area-of-interest polygon with the Snap Raster specified (Snap Raster is DEM) as per the solution in the forum post, above, the Snap Raster works but the Landsat band has one more column and one more row than the DEM raster, which was also clipped in ArcGIS to the area-of-interest polygon. This is annoying because for further analysis I need the two rasters to have exactly the same number of rows and columns. A simple workaround is to perform a calculation with the Con() function that creates a new raster with the same number of rows and columns as the DEM, but that has the values of the Landsat band.

I actually struggled with this problem for a long time, and I found what I consider to be a very effective and fairly easy work-around. Pick one of your rasters, the one that you believe to be in the "correct" place, zoom in as far as ArcGIS will allow, and create a new point shapefile directly on top of the intersection of four raster cells. The one trick here is to be sure that you are zoomed in as far as absolutlely possible, and that you create the new point directly on top of the 'cross' formed by four raster cells. Then record the coordinates of the point that you just created. Finally, reproject your second raster (but leave the projection and output cell size unchanged), and use the coordinates of your newly created point as the "Reference Point". This will perfectly allign your two rasters. No errors, no changes to the projection, no fuss.