I was about to open a bug about this same issue. Seeing this thread, there seems to have been some misunderstanding between the parts.
Bhozidar thought it was about indenting on the dot vs indenting according to the previous line, and in that aspect the feature is working correctly.
But when there are multiple dots on a line, their style guide enforces indenting on the *first* dot, not the last, while
(setq ruby-align-chained-calls t) - supposedly based on it - enforces the latter.