Adding value is still about supporting the rest of the business to achieve competitive value through aspects available in the rest of the business (products and services, customers, business processes, technology etc). But if we are supporting the rest of the business then we are still fundamentally acting as a support function.
Most of what's written in HR magazines and presented at HR conferences about HR being more strategic is complete gumph or at very best is really just about us being more proactive. Ie it's about being involved at 'the table' and consulted early about important business changes, but it's still about opportunities in the rest of the business, and HR supporting these.
It is only when we get to creating value that HR acts as the basis of competitive success for a business and it's only then that we have a fully strategic agenda too.