Allow for "align-locking" objects vertically or horizontally to other objects when dragging

When I drag an object, I often want to align it vertically / horizontally with other objects. MS Powerpoint, for instance, is smart enough to discover that intent, and it displays a red line to visualize the fact that I'm about to vertically / horizontally align this object with another one.

This is obviously a completely opt-in feature, and it is active only in the vicinity of around 5 pixels with the other object (and it can be avoided by pressing shift or alt, I believe).