If you want the highlighting of the equation to be a bit more subtle, you can modify the \Aboxed command provided by the mathtools package. For instance, in the example below, the equation of interest is emphasized with a 15% black background (alternatives is also possible, of course):
\documentclass{article}
\usepackage{mathtools}% http://ctan.org/pkg/mathtools
\usepackage{xcolor}% http://ctan.org/pkg/xcolor
\usepackage[version=3]{mhchem}% http://ctan.org/pkg/mhchem
\usepackage{etoolbox}% http://ctan.org/pkg/etoolbox
\makeatletter
\patchcmd{\@Aboxed}{\boxed{#1#2}}{\colorbox{black!15}{$#1#2$}}{}{}%
\makeatother
\begin{document}
\begin{align*}
\ce{K_w} &= \ce{[H3O+][OH^-]} \\
-\log \ce{K_w} &= -\log ( \ce{[H3O+][OH^-]} ) \\
-\log \ce{K_w} &= - ( \log \ce{[H3O+]} + \log \ce{[OH^-]} ) & \text{(Using log law for RHS.)}\\
-\log \ce{K_w} &= - \log \ce{[H3O+]} - \log \ce{[OH^-]} \\
-\log \ce{K_w} &= - \log \ce{[H3O+]} + - \log \ce{[OH^-]} \\
\Aboxed{ \ce{pK_w} &= \ce{pH} + \ce{pOH} }\\
\end{align*}
\end{document}

Modification of \Aboxed is performed using \patchcmd{<command>}{<search>}{<replace>}{<success>}{<failure>} (provided by the etoolbox package). Specifically, the \boxed{#1#2} command (that boxes the left- #1 and right-hand side #2 of the equation in align) is replaced with \colorbox{<color>}{$#1#2$} allowing for a coloured box. Colour choices is supported by means of xcolor.
\mboxshould not span across the alignment operator&in thealign(oralign*) environment. So you need\mbox{...} &= \mbox{...}. Why do you want to do this anyway? – Werner Oct 02 '11 at 06:17empheqbut that seems pretty heavy-handed; I just want that one line boxed in the least obstrusive way possible as far as the code I have to add. – ptrcao Oct 02 '11 at 06:38